ALLIANCEBERNSTEIN L.P.
                      1345 Avenue of the Americas
                           New York, NY 10105
                              212-969-1000


                                          June 24, 2016

Securities and Exchange Commission
100 F Street, N.E.
Washington, D.C.  20549

              Re:   Filing Pursuant to Rule 17g-1 under the Investment
                    Company Act of 1940 with Respect to Registered
                    Investment Companies Managed by AllianceBernstein L.P.
                    ------------------------------------------------------

            Enclosed, on behalf of each of the registered investment companies
(the "Funds") managed by AllianceBernstein L.P. (see Schedule A, attached
hereto), and pursuant to Rule 17g-1 under the Investment Company Act of 1940, as
amended, are copies of the following documents:

            (i) The Investment Company Blanket Bond (the "Bond") for the period
May 15, 2016 to May 15, 2017, on which AllianceBernstein L.P. and the Funds are
the named insureds (Exhibit A);

            (ii) The Joint Fidelity Bond Agreement entered into by
AllianceBernstein L.P. and the Funds (Exhibit B); and

            (iii) The resolutions of the Boards of Directors or Trustees of the
Funds, including a majority of the Directors or Trustees who are not interested
persons of the Funds, approving the amount, type, form and coverage of the Bond
(Exhibits C-1, C-2 and C-3).

            The premium in connection with the Bond has been paid in full.

                                         Sincerely,


                                         /s/ David Lesser
                                         ----------------------------------
                                         David Lesser
                                         Vice President, Counsel and
                                         Corporate Secretary

Enclosures





                               SCHEDULE A
                               ----------


                          Name of Fund                             File No.
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ALLIANCE CALIFORNIA MUNICIPAL INCOME FUND, INC.                   811-10575
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AB BOND FUND, INC.                                                811-02383
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AB CAP FUND, INC.                                                 811-01716
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AB CORE OPPORTUNITIES FUND, INC.                                  811-09687
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AB CORPORATE SHARES                                               811-21497
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AB DISCOVERY GROWTH FUND, INC.                                    811-00204
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AB EQUITY INCOME FUND, INC.                                       811-07916
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AB EXCHANGE RESERVES                                              811-08294
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AB FIXED-INCOME SHARES, INC.                                      811-06068
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AB GLOBAL BOND FUND, INC.                                         811-06554
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ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND, INC.                   811-07732
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AB GLOBAL REAL ESTATE INVESTMENT FUND, INC.                       811-07707
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AB GLOBAL RISK ALLOCATION FUND, INC.                              811-00134
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AB GLOBAL THEMATIC GROWTH FUND, INC.                              811-03131
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AB GROWTH AND INCOME FUND, INC.                                   811-00126
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AB HIGH INCOME FUND, INC.                                         811-08188
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AB INSTITUTIONAL FUNDS, INC.                                      811-08403
-----------------------------------------------------------------------------
AB INTERNATIONAL GROWTH FUND, INC.                                811-08426
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AB LARGE CAP GROWTH FUND, INC.                                    811-06730
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AB MULTI-MANAGER ALTERNATIVE FUND                                 811-22671
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AB MUNICIPAL INCOME FUND, INC.                                    811-04791
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AB MUNICIPAL INCOME FUND II                                       811-07618
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ALLIANCEBERNSTEIN NATIONAL MUNICIPAL INCOME FUND, INC.            811-10573
-----------------------------------------------------------------------------
AB TRUST                                                          811-10221
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AB UNCONSTRAINED BOND FUND, INC.                                  811-07391
-----------------------------------------------------------------------------
AB VARIABLE PRODUCTS SERIES FUND, INC.                            811-05398
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BERNSTEIN FUND, INC.                                              811-23100
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SANFORD C. BERNSTEIN FUND, INC.                                   811-05555
-----------------------------------------------------------------------------
SANFORD C. BERNSTEIN FUND II, INC.                                811-21034
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THE AB POOLING PORTFOLIOS                                         811-21673
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THE AB PORTFOLIOS                                                 811-05088
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                                                                      EXHIBIT A



            National Union Fire Insurance Company of Pittsburgh, Pa.
                                                         A capital stock company

  ___________________________________________________________________________
  POLICY NUMBER: 01-393-42-36     REPLACEMENT OF POLICY NUMBER: 02-133-76-34

                        INVESTMENT COMPANY BLANKET BOND

                                 DECLARATIONS:

  ___________________________________________________________________________
ITEM 1. Name of Insured (herein called Insured):

              AllianceBernstein Complex of Registered Investment Companies

              Principal Address: 1345 AVENUE OF THE AMERICAS

                                     NEW YORK,NY 10105

--------------------------------------------------------------------------------

ITEM 2. Bond Period: from 12:01 a.m. 05/15/2016 to 05/15/2017 the effective
          dateof the termination or cancellation of this bond, standard time at
          the Principal Address as to each of said dates.

--------------------------------------------------------------------------------

ITEM 3. Limit of Liability - Subject to Sections 9, 10 and 12 hereof,

                                                                                         
                                                                         Single Loss           Single Loss
                                                                         Limit of Liability    Deductible
           Insuring Agreement (A) Fidelity-                              $50,000,000           $100,000
           Insuring Agreement (B) Audit Expense-                         $50,000               $10,000
           Insuring Agreement (C) On Premises-                           $50,000,000           $100,000
           Insuring Agreement (D) In Transit-                            $50,000,000           $100,000
           Insuring Agreement (E) Securities-                            $50,000,000           $100,000
           Insuring Agreement (G) Counterfeit Currency-                  $50,000,000           $100,000
           Insuring Agreement (H) Stop Payment-                          $25,000               $5,000
           Insuring Agreement (I) Uncollectible Items of Deposit-        $25,000               $5,000
           Additional Coverages:
           Insuring Agreement (J) Computer Systems                       $50,000,000           $100,000
           Insuring Agreement (K) Telefacimile Transfer Fraud            $50,000,000           $100,000
           Insuring Agreement (L) Automated Phone Systems                $50,000,000           $100,000





        If "Not Covered" is inserted above opposite any specified Insuring
        Agreement or Coverage, such Insuring Agreement or Coverage and any other
        reference thereto in this bond shall be deemed to be deleted therefrom.

--------------------------------------------------------------------------------

ITEM 4. Offices or Premises Covered-Offices acquired or established subsequent
          to the effective date of this bond are covered according to the terms
          of General Agreement A. All the Insured's offices or premises in
          existence at the time this bond becomes effective are covered under
          this bond except the offices or premises located as follows: No
          Exceptions

--------------------------------------------------------------------------------

ITEM 5. The liability of the Underwriter is subject to the terms of the
          following riders attached thereto: : Endorsement #1, #2, #3, #4, #5,
          #6, #7, #8, #9, #10, #11, #12, #13, #14, #15,#16, #17, #18, #19.

--------------------------------------------------------------------------------

ITEM 6. The Insured by the acceptance of this bond gives to the Underwriter
          terminating or canceling prior bond(s) or policy(ies) No.(s)
          01-393-42-36 such termination or cancellation to be effective as of
          the time this bond becomes effective.

--------------------------------------------------------------------------------

PREMIUM: $66,000 part of $165,000




 IN WITNESS WHEREOF, the Insurer has caused this Policy to be signed by its
 President, Secretary and Authorized Representative. This Policy shall not be
 valid unless signed below at the time of issuance by an

  authorized representative of the insurer.



/s/ illegible                           /s/ illegible
-------------------------------------   ---------------------------------------
President                               Secretary
National Union Fire                     National Union Fire Insurance
Insurance Company of                    Company of Pittsburgh, Pa.
Pittsburgh





                            /s/ illegible
                            ----------------------------------------------------
                            Authorized Representative





--------------------------------    ----------------   -------------------------
      COUNTERSIGNATURE AT               DATE                COUNTERSIGNATURE










AON RISK SERVICES NORTHEAST INC
199 WATER ST
NEW YORK, NY 10038-3526



AIG

                            National Union Fire Insurance Company of Pittsburgh,
                                                      Pa.
                                                         A capital stock company

                        INVESTMENT COMPANY BLANKET BOND

The Underwriter, in consideration of an agreed premium, and subject to the
Declarations made a part hereof, the General Agreements, Conditions and
Limitations and other terms of this bond, agrees with the Insured, in accordance
with the Insuring Agreements hereof to which an amount of insurance is
applicable as set forth in Item 3 of the Declarations and with respect to loss
sustained by the Insured at any time but discovered during the Bond Period, to
indemnify and hold harmless the Insured for:

                              INSURING AGREEMENTS

(A)  FIDELITY

Loss resulting from any dishonest or fraudulent act(s), including Larceny or
Embezzlement committed by an Employee, committed anywhere and whether committed
alone or in collusion with others, including loss of Property resulting from
such acts of an Employee, which Property is held by the Insured for any purpose
or in any capacity and whether so held gratuitously or not and whether or not
the Insured is liable therefor.

Dishonest or fraudulent act(s) as used in this Insuring Agreement shall mean
only dishonest or fraudulent act(s) committed by such Employee with the manifest
intent:

     (a)  to cause the Insured to sustain such loss; and

     (b)  to obtain financial benefit for the Employee, or for any other person
          or organization intended by the Employee to receive such benefit,
          other than salaries, commissions, fees, bonuses, promotions, awards,
          profit sharing, pensions or other employee benefits earned in the
          normal course of employment.

(B)  AUDIT EXPENSE

Expense incurred by the Insured for that part of the costs of audits or
examinations required by any governmental regulatory authority to be conducted
either by such authority or by an independent accountant by reason of the
discovery of loss sustained by the Insured through any dishonest or fraudulent
act(s), including Larceny or Embezzlement of any of the Employees. The total
liability of the Underwriter for such expense by reason of such acts of any
Employee or in which such Employee is concerned or implicated or with respect to
any one audit or examination is limited to the amount stated opposite Audit
Expense in Item 3 of the Declarations; however, that such expense shall be
deemed to be a loss sustained by the Insured through any dishonest or fraudulent
act(s), including Larceny or Embezzlement of one or more of the Employees and
the liability under this paragraph shall be in addition to the Limit of
liability stated in Insuring Agreement (A) in Item 3 of the Declarations.

(C)  ON PREMISES

Loss of Property (occurring with or without negligence or violence) through
robbery, burglary, Larceny, theft, holdup, or other fraudulent means,
misplacement, mysterious unexplainable disappearance, damage thereto or
destruction thereof, abstraction or removal from the possession, custody or
control of the Insured, and loss of subscription, conversion, redemption or
deposit privileges through the misplacement or loss of Property, while the
Property is (or is supposed or believed by the Insured to be) lodged or
deposited within any offices or premises located anywhere, except in an office
listed in Item 4 of the Declarations or amendment thereof or in the mail or with
a carrier for hire other than an armored motor vehicle company, for the purpose
of transportation.

                             Offices and Equipment

     (1)  Loss of or damage to, furnishings, fixtures, stationery, supplies or
          equipment, within any of the Insured's offices covered under this bond
          caused by Larceny or theft in, or by burglary, robbery or holdup of
          such office, or attempt thereat, or by vandalism or malicious
          mischief; or

     (2)  loss through damage to any such office by Larceny or theft in, or by
          burglary, robbery or holdup of such office or attempt thereat, or to
          the interior of any such office by vandalism or malicious mischief
          provided, in any event, that the Insured is the owner of such offices,
          furnishings, fixtures, stationery, supplies or equipment or is legally
          liable for such loss or damage, always excepting, however, all loss or
          damage through fire.

(D)  IN TRANSIT

Loss of Property (occurring with or without negligence or violence) through
robbery, Larceny, theft, holdup, misplacement, mysterious unexplainable
disappearance, being lost or otherwise made away with, damage thereto or
destruction thereof, and loss of subscription, conversion, redemption or deposit
privileges through the misplacement or loss of Property, while the Property is
in transit anywhere in the custody of any person or persons acting as messenger,
except while in the mail or with a carrier for hire, other than an armored motor
vehicle company, for the purpose of transportation, such transit to begin
immediately upon receipt of such Property by the transporting person or persons,
and to end immediately upon delivery thereof at destination.

(E)  FORGERY OR ALTERATION

Loss through FORGERY or ALTERATION of, on or in any bills of exchange, checks,
drafts, acceptances, certificates of deposit. promissory notes, or other written
promises, orders or directions to pay sums certain in money, due bills, money
orders, warrants, orders upon public treasuries, letters of credit, written
instructions, advices or applications directed to the Insured, authorizing or
acknowledging the transfer, payment, delivery or receipt of funds or Property,
which instructions or advices or applications purport to have been signed or
endorsed by any customer of the Insured, shareholder or subscriber to shares,
whether certificated or uncertificated, of any Investment Company or by any
financial or banking institution or stockbroker but which instructions, advices
or applications either bear the forged signature or endorsement or have been
altered without the knowledge and consent of such customer, shareholder or
subscriber to shares, whether certificated or uncertificated, of an Investment
Company, financial or banking institution or stockbroker, withdrawal orders or
receipts for the withdrawal of funds or Property, or receipts or certificates of
deposit for Property and bearing the name of the Insured as issuer, or of
another Investment Company for which the Insured acts as agent, excluding,
however, any loss covered under Insuring Agreement (F) hereof whether or not
coverage for Insuring Agreement (F) is provided for in the Declarations of this
bond.

Any check or draft (a) made payable to a fictitious payee and endorsed in the
name of such fictitious payee or (b) procured in a transaction with the maker or
drawer thereof or with one acting as an agent of such maker or drawer or anyone
impersonating another and made or drawn payable to the one so impersonated and
endorsed by anyone other than the one impersonated, shall be deemed to be forged
as to such endorsement.

Mechanically reproduced facsimile signatures are treated the same as handwritten
signatures.

(F)  SECURITIES

Loss sustained by the Insured, including loss sustained by reason of a violation
of the constitution, by- laws, rules or regulations of any Self Regulatory
Organization of which the Insured is a member or which would have been imposed
upon the Insured by the constitution, by- laws, rules or regulations of any Self
Regulatory Organization if the Insured had been a member thereof,

     (1)  through the Insured's having, in good faith and in the course of
          business, whether for its own account or for the account of others, in
          any representative, fiduciary, agency or any other capacity, either
          gratuitously or otherwise, purchased or otherwise acquired, accepted
          or received, or sold or delivered, or given any value, extended any
          credit or assumed any liability, on the faith of, or otherwise acted
          upon, any securities, documents or other written instruments which
          prove to have been

          (a)  counterfeited, or

          (b)  forged as to the signature of any maker, drawer, issuer,
               endorser, assignor, lessee, transfer agent or registrar,
               acceptor, surety or guarantor or as to the signature of any
               person signing in any other capacity, or

          (c)  raised or otherwise altered, or lost, or stolen, or

     (2)  through the Insured's having, in good faith and in the course of
          business, guaranteed in writing or witnessed any signatures whether
          for valuable consideration or not and whether or not such guaranteeing
          or witnessing is ultra vires the Insured, upon any transfers,
          assignments, bills of sale, powers of attorney, guarantees,
          endorsements or other obligations upon or in connection with any
          securities, documents or other written instruments and which pass or
          purport to pass title to such securities, documents or other written
          instruments; EXCLUDING, losses caused by FORGERY or ALTERATION of, on
          or in those instruments covered under Insuring Agreement (E) hereof.

          Securities, documents or other written instruments shall be deemed to
          mean original (including original counterparts) negotiable or
          non-negotiable agreements which in and of themselves represent an
          equitable interest, ownership, or debt, including an assignment
          thereof which instruments are in the ordinary course of business,
          transferable by delivery of such agreements with any necessary
          endorsement or assignment.

          The word "counterfeited" as used in this Insuring Agreement shall be
          deemed to mean any security, document or other written instrument
          which is intended to deceive and to be taken for an original.

          Mechanically produced facsimile signatures are treated the same as
          handwritten signatures.

(G)  COUNTERFEIT CURRENCY

Loss through the receipt by the Insured, in good faith, of any counterfeited
money orders or altered paper currencies or coin of the United States of America
or Canada issued or purporting to have been issued by the United States of
America or Canada or issued pursuant to a United States of America or Canadian
statute for use as currency.

(H)  STOP PAYMENT

Loss against any and all sums which the Insured shall become obligated to pay by
reason of the Liability imposed upon the Insured by law for damages:

     For having either complied with or failed to comply with any written notice
     of any customer, shareholder or subscriber of the Insured or any Authorized
     Representative of such customer, shareholder or subscriber to stop payment
     of any check or draft made or drawn by such customer, shareholder or
     subscriber or any Authorized Representative of such customer, shareholder
     or subscriber, or

     For having refused to pay any check or draft made or drawn by any customer,
     shareholder or subscriber of the Insured or any Authorized Representative
     of such customer, shareholder or subscriber.

(I)  UNCOLLECTIBLE ITEMS OF DEPOSIT

Loss resulting from payments of dividends or fund shares, or withdrawals
permitted from any customer's, shareholder's or subscriber's account based upon
Uncollectible Items of Deposit of a customer, shareholder or subscriber credited
by the Insured or the Insured's agent to such customer's, shareholder's or
subscriber's Mutual Fund Account; or

loss resulting from any Item of Deposit processed through an Automated Clearing
House which is reversed by the customer, shareholder or subscriber and deemed
uncollectible by the Insured.

Loss includes dividends and interest accrued not to exceed 15% of the
Uncollectible Items which are deposited.

This Insuring Agreement applies to all Mutual Funds with "exchange privileges"
if all Fund(s) in the exchange program are insured by a National Union Fire
Insurance Company of Pittsburgh, PA for Uncollectible Items of Deposit.
Regardless of the number of transactions between Fund(s), the minimum number of
days of deposit within the Fund(s) before withdrawal as declared in the Fund(s)
prospectus shall begin from the date a deposit was first credited to any Insured
Fund(s).




                               GENERAL AGREEMENTS

A.   ADDITIONAL OFFICES OR EMPLOYEES-CONSOLIDATION OR MERGER- NOTICE

     1.   If the Insured shall, while this bond is in force, establish any
          additional office or offices, such office or offices shall be
          automatically covered hereunder from the dates of their establishment,
          respectively. No notice to the Underwriter of an increase during any
          premium period in the number of offices or in the number of Employees
          at any of the offices covered hereunder need be given and no
          additional premium need be paid for the remainder of such premium
          period.

     2.   If an Investment Company, named as Insured herein, shall, while this
          bond is in force, merge or consolidate with, or purchase the assets of
          another institution, coverage for such acquisition shall apply
          automatically from the date of acquisition. The Insured shall notify
          the Underwriter of such acquisition within 60 days of said date, and
          an additional premium shall be computed only if such acquisition
          involves additional offices or employees.

B.   WARRANTY

No statement made by or on behalf of the Insured, whether contained in the
application or otherwise, shall be deemed to be a warranty of anything except
that it is true to the best of the knowledge and belief of the person making the
statement.

C.   COURT COSTS AND ATTORNEYS' FEES (Applicable to all Insuring Agreements or
     Coverages now or hereafter forming part of this bond)

The Underwriter will indemnify the Insured against court costs and reasonable
attorneys' fees incurred and paid by the Insured in defense, whether or not
successful, whether or not fully litigated on the merits and whether or not
settled of any suit or legal proceeding brought against the Insured to enforce
the Insured's liability or alleged liability on account of any loss, claim or
damage which, if established against the Insured, would constitute a loss
sustained by the Insured covered under the terms of this bond provided, however,
that with respect to Insuring Agreement (A) this indemnity shall apply only in
the event that

     (1)  an Employee admits to being guilty of any dishonest or fraudulent
          act(s), including Larceny or Embezzlement; or

     (2)  an Employee is adjudicated to be guilty of any dishonest or fraudulent
          act(s), including Larceny or Embezzlement;

     (3)  in the absence of (1) or (2) above an arbitration panel agrees, after
          a review of an agreed statement of facts, that an Employee would be
          found guilty of dishonesty if such Employee were prosecuted.

The Insured shall promptly give notice to the Underwriter of any such suit or
legal proceeding and at the request of the Underwriter shall furnish it with
copies of all pleadings and other papers therein. At the Underwriter's election
the Insured shall permit the Underwriter to conduct the defense of such suit or
legal proceeding, in the Insured's name, through attorneys of the Underwriter's
selection. In such event, the Insured shall give all reasonable information and
assistance which the Underwriter shall deem necessary to the proper defense of
such suit or legal proceeding.

If the amount of the Insured's liability or alleged liability is greater than
the amount recoverable under this bond, or if a Deductible Amount is applicable,
or both, the liability of the Underwriter under this General Agreement is
limited to the proportion of court costs and attorneys' fees incurred and paid
by the Insured or by the Underwriter that the amount recoverable under this bond
bears to the total of such amount plus the amount which is not so recoverable.
Such indemnity shall be in addition to the Limit of Liability for the applicable
Insuring Agreement or Coverage.

D.   FORMER EMPLOYEE

Acts of an Employee, as defined in this bond, are covered under Insuring
Agreement (A) only while the Employee is in the Insured's employ. Should loss
involving a former Employee of the Insured be discovered subsequent to the
termination of employment, coverage would still apply under Insuring Agreement
(A) if the direct proximate cause of the loss occurred while the former Employee
performed duties within the scope of his/ her employment.




                     THE FOREGOING INSURING AGREEMENTS AND
                       GENERAL AGREEMENTS ARE SUBJECT TO
                            THE FOLLOWING CONDITIONS
                                AND LIMITATIONS:

SECTION 1. DEFINITIONS

The following terms, as used in this bond, shall have therespective meanings
stated in this Section:

     (a)  "Employee" means:

          (1)  any of the Insured's officers, partners, or employees, and

          (2)  any of the officers or employees of any predecessor of the
               Insured whose principal assets are acquired by the Insured by
               consolidation or merger with, or purchase of assets or capital
               stock of such predecessor. and

          (3)  attorneys retained by the Insured to perform legal services for
               the Insured and the employees of such attorneys while such
               attorneys or the employees of such attorneys are performing such
               services for the Insured, and

          (4)  guest students pursuing their studies or duties in any of the
               Insured's offices, and

          (5)  directors or trustees of the Insured, the investment advisor,
               underwriter (distributor), transfer agent, or shareholder
               accounting record keeper, or administrator authorized by written
               agreement to keep financial and/ or other required records, but
               only while performing acts coming within the scope of the usual
               duties of an officer or employee or while acting as a member of
               any committee duly elected or appointed to examine or audit or
               have custody of or access to the Property of the Insured, and

          (6)  any individual or individuals assigned to perform the usual
               duties of an employee within the Insured, by any agency
               furnishing temporary personnel on a contingent or part- time
               basis, and

          (7)  each natural person, partnership or corporation authorized by
               written agreement with the Insured to perform services as
               electronic data processor of checks or other accounting records
               of the Insured, but excluding any such processor who acts as
               transfer agent or in any other agency capacity in issuing checks,
               drafts orsecurities for the Insured, unless included under Sub-
               section (9) hereof, and

          (8)  those persons so designated in Section 15, Central Handling of
               Securities, and

          (9)  any officer, partner or Employee of

               a)   an investment advisor,

               b)   an underwriter (distributor),

               c)   a transfer agent or shareholder accounting record- keeper,
                    or

               d)   an administrator authorized by written agreement to keep
                    financial and/ or other required records,

               for an Investment Company named as Insured while performing acts
               coming within the scope of the usual duties of an officer or
               Employee of any Investment Company named as Insured herein, or
               while acting as a member of any committee duly elected or
               appointed to examine or audit or have custody of or access to the
               Property of any such Investment Company, provided that only
               Employees or partners of a transfer agent, shareholder accounting
               record- keeper or administrator which is an affiliated person as
               defined in the Investment Company Act of 1940,of an Investment
               Company named as Insured or is an affiliated person of the
               adviser, underwriter or administrator of such Investment Company,
               and which is not a bank, shall be included within the definition
               of Employee.

               Each employer of temporary personnel or processors as set forth
               in Sub- Sections (6) and of Section 1(a) and their partners,
               officers and employees shall collectively be deemed to be one
               person for all the purposes of this bond, excepting, however, the
               last paragraph of Section 13.

               Brokers, or other agents under contract or representatives of the
               same general character shall not be considered Employees.

     (b)  "Property" means money (i.e .. currency, coin, bank notes, Federal
          Reserve notes), postage and revenue stamps, U.S. Savings Stamps,
          bullion, precious metals of all kinds and in any form and articles
          made therefrom, jewelry, watches, necklaces, bracelets, gems, precious
          and semi- precious stones, bonds, securities, evidences of debts,
          debentures, scrip, certificates, interim receipts, warrants, rights,
          puts, calls, straddles, spreads, transfers, coupons, drafts, bills of
          exchange, acceptances, notes, checks, withdrawal orders, money orders,
          warehouse receipts, bills of lading, conditional sales contracts,
          abstracts of title, insurance policies, deeds, mortgages under real
          estate and/ or chattels and upon interests therein,and assignments of
          such policies, mortgages and instruments, and other valuable papers,
          including books of account and other records used by the Insured in
          the conduct of its business, and all other instruments similar to or
          in the nature of the foregoing including Electronic Representations of
          such instruments enumerated above (but excluding all data processing
          records) in which the Insured has an interest or in which the Insured
          acquired or should have acquired an interest by reason of a
          predecessor's declared financial condition at the time of the
          Insured's consolidation or merger with, or purchase of the principal
          assets of, such predecessor or which are held by the Insured for any
          purpose or in any capacity and whether so held by the Insured for any
          purpose or in any capacity and whether so held gratuitously or not and
          whether or not the Insured is liable therefor.

     (c)  "Forgery" means the signing of the name of another with intent to
          deceive; it does not include the signing of one's own name with or
          without authority, in any capacity, for any purpose.

     (d)  "Larceny and Embezzlement" as it applies to any named Insured means
          those acts as set forth in Section 37 of the Investment Company Act of
          1940.

     (e)  "Items of Deposit" means any one or more checks and drafts. Items of
          Deposit shall not be deemed uncollectible until the Insured's
          collection procedures have failed.

SECTION 2. EXCLUSIONS

THIS BOND DOES NOT COVER:

     (a)  loss effected directly or indirectly by means of forgery or alteration
          of, on or in any instrument, except when covered by Insuring Agreement
          (A), (E), (F) or (G).

     (b)  loss due to riot or civil commotion outside the United States of
          America and Canada; or loss due to military, naval or usurped power,
          war or insurrection unless such loss occurs in transit in the
          circumstances recited in Insuring Agreement (D), and unless, when such
          transit was initiated, there was no knowledge of such riot, civil
          commotion, military, naval or usurped power, war or insurrection on
          the part of any person acting for the Insured in initiating such
          transit.

     (c)  loss, in time of peace or war, directly or indirectly caused by or
          resulting from the effects of nuclear fission or fusion or
          radioactivity; provided, however, that this paragraph shall not apply
          to loss resulting from industrial uses of nuclear energy.

     (d)  loss resulting from any wrongful act or acts of any personwho is a
          member of the Board of Directors of the Insured or a member of any
          equivalent body by whatsoever name known unless such person is also an
          Employee or an elected official, partial owner or partner of the
          Insured in some other capacity, nor, in any event, loss resulting from
          theact or acts of any person while acting in the capacity of a member
          of such Board or equivalent body.

     (e)  loss resulting from the complete or partial non- payment of, or
          default upon, any loan or transaction in the nature of, or amounting
          to, a loan made by or obtained from the Insured or any of its
          partners, directors or Employees, whether authorized or unauthorized
          and whether procured in good faith or through trick, artifice, fraud
          or false pretenses. unless such loss is covered under Insuring
          Agreement (A), (E) or (F).

     (f)  loss resulting from any violation by the Insured or by any Employee

          (1)  of law regulating (a) the issuance, purchase or sale of
               securities, (b) securities transactions upon Security Exchanges
               or over the counter market, (c) Investment Companies, or (d)
               Investment Advisors, or

          (2)  of any rule or regulation made pursuant to any such law, unless
               such loss, in the absence of such laws, rules or regulations,
               would be covered under Insuring Agreements (A) or (E).

     (g)  loss of Property or loss of privileges through the misplacement or
          loss of Property as set forth in Insuring Agreement (C) or (D)while
          the Property is in the custody of any armored motor vehicle company,
          unless such loss shall be in excess of the amount recovered or
          received by the Insured under (a) the Insured's contract with said
          armored motor vehicle company, (b) insurance carried by said armored
          motor vehicle company for the benefit of users of its service, and (c)
          all other insurance and indemnity in force in whatsoever form carried
          by or for the benefit of users of said armored motor vehicle company's
          service, and then this bond shall cover only such excess.

     (h)  potential income, including but not limited to interest and dividends,
          not realized by the Insured because of a loss covered under this bond,
          except as included under Insuring Agreement (I).

     (i)  all damages of any type for which the Insured is legally liable,
          except direct compensatory damages arising from a loss covered under
          this bond.

     (j)  loss through the surrender of Property away from an office of the
          Insured as a result of a threat

          (1)  to do bodily harm to any person, except loss of Property in
               transit in the custody of any person acting as messenger provided
               that when such transit was initiated there was no knowledge by
               the Insured of any such threat, or

          (2)  to do damage to the premises or Property of the Insured, except
               when covered under Insuring Agreement (A).

     (k)  all costs, fees and other expenses incurred by the Insured in
          establishing the existence of or amount of loss covered under this
          bond unless such indemnity is provided for under Insuring Agreement
          (B).

     (l)  loss resulting from payments made or withdrawals from the account of a
          customer of the Insured, shareholder or subscriber to shares involving
          funds erroneously credited to such account, unless such payments are
          made to or withdrawn by such depositor or representative of
          suchperson, who is within the premises of the drawee bank of the
          Insured or within the office of the Insured at the time of such
          payment or withdrawal or unless such payment is covered under Insuring
          Agreement (A).

     (m)  any loss resulting from Uncollectible Items of Deposit which are drawn
          from a financial institution outside the fifty states of the United
          States of America, District of Columbia, and territories and
          possessions of the United States of America, and Canada.

SECTION 3. ASSIGNMENT OF RIGHTS

This bond does not afford coverage in favor of any Employers of temporary
personnel or of processors as set forth in sub- sections (6) and (7) of Section
1(a) of this bond, as aforesaid, and upon payment to the Insured by the
Underwriter on account of any loss through dishonest or fraudulent act(s)
including Larceny or Embezzlement committed by any of the partners, officers or
employees of such Employers, whether acting alone or in collusion with others,
an assignment of such of the Insured's rights and causes of action as it may
have against such Employers by reason of such acts so committed shall, to the
extent of such payment, be given by the Insured to the Underwriter, and the
Insured shall execute all papers necessary to secure to the Underwriter the
rights herein provided for.

SECTION 4. LOSS-NOTICE-PROOF-LEGAL PROCEEDINGS

This bond is for the use and benefit only of the Insured named in the
Declarations and the Underwriter shall not be liablehereunder for loss sustained
by anyone other than the Insured unless the Insured, in its sole discretion and
at its option, shall include such loss in the Insured's proof of loss. At the
earliest practicable moment after discovery of any loss hereunder the Insured
shall give the Underwriter written notice thereof and shall also within six
months after such discovery furnish to the Underwriter affirm ative proof of
loss with full particulars. If claim is made under this bond for loss of
securities or shares, the Underwriter shall not be liable unless each of such
securities or shares is identified in such proof of loss by a certificate or
bond number or, where such securities or shares are uncertificated, by such
identification means as agreed to by the Underwriter. The Underwriter shall have
thirty days after notice and proof of loss within which to investigate the
claim, but where the loss is clear and undisputed, settlement shall be made
within forty- eight hours; and this shall apply notwithstanding the loss is made
up wholly or in part of securities of which duplicates may be obtained. Legal
proceedings for recovery of any loss hereunder shall not be brought prior to the
expiration of sixty days after such proof of loss is filed with the Underwriter
nor after the expiration of twenty- four months from the discovery of such loss,
except that any action or proceeding to recover hereunder on account of any
judgment against the Insured in any suit mentioned in General Agreement C or to
recover attorneys' fees paid in any such suit, shall be begun within twenty-
four months from the date upon which the judgment in such suit shall become
final. If any limitation embodied in this bond is prohibited by any law
controlling the construction hereof, such limitation shall be deemed to be
amended so as to be equal to the minimum period of limitation permitted by such
law.

     Discovery occurs when the Insured

     (a)  becomes aware of facts, or

     (b)  receives written notice of an actual or potential claim by a third
          party which alleges that the Insured is liable under circumstance
          which would cause a reasonable person to assume that a loss covered by
          the bond has been or will be incurred even though the exact amount or
          details of loss may not be then known.

SECTION 5. VALUATION OF PROPERTY

The value of any Property, except books of accounts or other records used by the
Insured in the conduct of its business, for the loss of which a claim shall be
made hereunder, shall be determined by the average market value of such Property
on the business day next preceding the discovery of such loss; provided,
however, that the value of any Property replaced by the Insured prior to the
payment of claim therefor shall be the actual market value at the time of
replacement; and further provided that in case of a loss or misplacement of
interim certificates, warrants, rights, or other securities, the production
which is necessary to the exercise of subscription, conversion, redemption or
deposit privileges, the value thereof shall be the market value of such
privileges immediately preceding the expiration thereof if said loss or
misplacement is not discovered until after their expiration. If no market price
is quoted for such Property or for such privileges, the value shall be fixed by
agreement between the parties or by arbitration.

In case of any loss or damage to Property consisting of books of accounts or
other records used by the Insured in the conduct of its business, the
Underwriter shall be liable under this bond only if such books or records are
actually reproduced and then for not more than the cost of blank books, blank
pages or other materials plus the cost of labor for the actual transcription or
copying of data which shall have been furnished by the Insured in order to
reproduce such books and other records.

SECTION 6. VALUATION OF PREMISES AND FURNISHINGS

In case of damage to any office of the Insured, or loss of or damage to the
furnishings, fixtures, stationery, supplies, equipment, safes or vaults therein,
the Underwriter shall not be liable for more than the actual cash value thereof,
or for more than theactual cost of their replacement or repair. The Underwriter
may, at its election, pay such actual cash value or make such replacement or
repair. If the Underwriter and the Insured cannot agree upon such cash value or
suchcost of replacement or repair, such shall be determined by arbitration.

SECTION 7. LOST SECURITIES

If the Insured shall sustain a loss of securities the total value of whichis in
excess of the limit stated in Item 3 of the Declarations of this bond, the
liability of the Underwriter shall be limited to payment for, or duplication of,
securities having value equal to the limit stated in Item 3 of the Declarations
of this bond.

If the Underwriter shall make payment to the Insured for any loss of securities,
the Insured shall thereupon assign to the Underwriter all of the Insured's
rights, title and interests in and to said securities.

With respect to securities the value of which do not exceed the Deductible
Amount (at the time of the discovery of the loss) and for which the Underwriter
may at its sole discretion and option and at the request of the Insured issue a
Lost Instrument Bond or Bonds to effect replacement thereof, the Insured will
pay the usual premium charged therefor and will indemnify the Underwriter
against all loss or expense that the Underwriter may sustain because of the
issuance of such Lost Instrument Bond or Bonds.

With respect to securities the value of which exceeds the Deductible Amount (at
the time of discovery of the loss) and for which the Underwriter may issue or
arrange for the issuance of a Lost Instrument Bond or Bonds to effect
replacement thereof, the Insured agrees that it will pay as premium therefor a
proportion of the usual premium charged therefor, said proportion being equal to
the percentage that the Deductible Amount bears to the value of the securities
upon discovery of the loss, and that it will indemnify the issuer of said Lost
Instrument Bond or Bonds against all loss andexpense that is not recoverable
from the Underwriter under the terms and conditions of this INVESTMENT COMPANY
BLANKET BOND subject to the Limit of Liability hereunder.

SECTION 8. SALVAGE

In case of recovery, whether made by the Insured or by the Underwriter, on
account of any loss in excess of the Limit of Liability hereunder plus the
Deductible Amount applicable to such loss from any source other than suretyship,
insurance, reinsurance, security or indemnity taken by or for the benefit of the
Underwriter, the net amount of such recovery, less the actual costs and expenses
of making same, shall be applied to reimburse the Insured in full for the excess
portion of such loss, and the remainder, if any, shall be paid first in
reimbursement of the Underwriter and thereafter in reimbursement of the Insured
for that part of such loss within the Deductible Amount. The Insured shall
execute all necessary papers to secure to the Underwriter the rights provided
for herein.

SECTION 9. NON- REDUCTION AND NON- ACCUMULATION OF LIABILITY AND TOTAL LIABILITY

 At all times prior to termination hereof this bond shall continue in force for
 the limit stated in the applicable sections of Item 3 of the Declarations of
 this bond notwithstanding any previous loss for which the Underwriter may have
 paid or be liable to pay hereunder; PROVIDED, however, that regardless of the
 number of years this bond shall continue in force and the number of premiums
 which shall be payable or paid, the liability of the Underwriter under this
 bond with respect to all loss resulting from

     (a)  any one act of burglary, robbery or holdup, or attempt thereat, in
          which no Partner or Employee is concerned or implicated shall be
          deemed to be one loss, or

     (b)  any one unintentional or negligent act on the part of any one person
          resulting in damage to or destruction or misplacement of Property,
          shall be deemed to be one loss, or

     (c)  all wrongful acts, other than those specified in (a) above, of anyone
          person shall be deemed to be one loss, or

     (d)  all wrongful acts, other than those specified in (a) above, of one or
          more persons (which dishonest act(s) or act(s) of Larceny or
          Embezzlement include, but are not limited to, the failure of an
          Employee to report such acts of others) whose dishonest act or acts
          intentionally or unintentionally, knowingly or unknowingly, directly
          or indirectly, aid or aids in any way, or permits the continuation of,
          the dishonest act or acts of any other person or persons shall be
          deemed to be one loss with the act or acts of the persons aided, or

     (e)  any one casualty or event other than those specified in (a), (b), (c)
          or (d) preceding, shall be deemed to be one loss,

and shall be limited to the applicable Limit of Liability stated inItem 3 of the
Declarations of this bond irrespective of the total amount of such loss or
losses and shall not be cumulative inamounts from year to year or from period to
period.

Sub-section (c) is not applicable to any situation to which the language of
sub-section (d) applies.

SECTION 10. LIMIT OF LIABILITY

With respect to any loss set forth in the PROVIDED clause of Section 9 of this
bond which is recoverable or recovered in whole or in part under any other bonds
or policies issued by the Underwriter to the Insured or to any predecessor in
interest of the Insured and terminated or cancelled or allowed to expire and in
which the period for discovery has not expired at the time any such loss
thereunder is discovered, the total liability of the Underwriter under this bond
and under other bonds or policies shall not exceed, in the aggregate, the amount
carried hereunder on such loss or the amount available to the Insured under such
other bonds or policies, as limited by the terms and conditions thereof, for any
such loss if the latter amount be the larger.

SECTION 11. OTHER INSURANCE

If the Insured shall hold, as indemnity against any loss covered hereunder, any
valid and enforceable insurance or suretyship, the Underwriter shall be liable
hereunder only for such amount of such loss which is in excess of the amount of
such other insurance or suretyship, not exceeding, however, the Limit of
Liability of this bond applicable to such loss.

SECTION 12. DEDUCTIBLE

The Underwriter shall not be liable under any of the Insuring Agreements of this
bond on account of loss as specified, respectively, in sub- sections (a), (b),
(c), (d) and (e) of Section 9, NON- REDUCTION AND NON- ACCUMULATION OF LIABILITY
AND TOTAL LIABILITY, unless the amount of such loss, after deducting the net
amount of all reimbursement and/ or recovery obtained or made by the Insured,
other than from any bond or policy of insurance issued by an insurance company
and covering such loss, or by the Underwriter on account thereof prior to
payment by the Underwriter of suchloss, shall exceed the Deductible Amount set
forth in Item 3 of the Declarations hereof (herein called Deductible Amount) and
then for such excess only, but in no event for more than the applicable Limit of
Liability stated in Item 3 of the Declarations.

The Insured will bear, in addition to the Deductible Amount, premiums on Lost
Instrument Bonds as set forth in Section 7.

There shall be no deductible applicable to any loss under Insuring Agreement A
sustained by any Investment Company named as Insured herein.

SECTION 13. TERMINATION

The Underwriter may terminate this bond as an entirety by furnishing written
notice specifying the termination date which cannot be prior to 60 days after
the receipt of such written notice by each Investment Company named as Insured
and the Securities and Exchange Commission, Washington, D.C. The Insured may
terminate this bond as an entirety by furnishing written notice to the
Underwriter. When the Insured cancels, the Insured shall furnish written notice
to the Securities and Exchange Commission, Washington. D.C. prior to 60 days
before the effective date of the termination. The Underwriter shall notify all
other Investment Companies named as Insured of the receipt of such termination
notice and the termination cannot be effective prior to 60 days after receipt of
written notice by all other Investment Companies. Premiums are earned until the
termination date as set forth herein.

This Bond will terminate as to any one Insured immediately upon taking over of
such Insured by a receiver or other liquidator or by State or Federal officials,
or immediately upon the filing of a petition under any State or Federal statute
relative to bankruptcy or reorganization of the Insured, or assignment for the
benefit of creditors of the Insured. or immediately upon such Insured ceasing to
exist, whether through merger into another entity, or by disposition of all of
its assets.

The Underwriter shall refund the unearned premium computed at short rates in
accordance with the standard short rate cancellation tables if terminated by the
Insured or pro rata if terminated for any other reason.

     This Bond shall terminate

     (a)  as to any Employee as soon as any partner, officer or supervisory
          Employee of the Insured, who is not in collusion with such Employee,
          shall learn of any dishonest or fraudulent act(s), including Larceny
          or Embezzlement on the part of such Employee without prejudice to the
          loss of any Property then in transit in the custody of such Employee
          (See Section 16[d]), or

     (b)  as to any Employee 60 daysafter receipt by each Insured and by the
          Securities and Exchange Commission of a writtennotice from the
          Underwriter of its desire to terminate this bond as to such Employee,
          or

     (c)  as to any person, who is a partner, officer or employee of any
          Electronic Data Processor covered under this bond, from and after the
          time that the Insured or any partner or officer thereof not in
          collusion with such person shall have knowledge or information that
          such person has committed any dishonest or fraudulent act(s),
          including Larceny or Embezzlement in the service of the Insured or
          otherwise, whether such act be committed before or after the time this
          bond is effective.

SECTION 14. RIGHTS AFTER TERMINATION OR CANCELLATION

At any time prior to the termination or cancellation of this bond as an
entirety, whether by the Insured or the Underwriter, the Insured may give to the
Underwriter notice that it desires under this bond an additional periodof 12
months within which to discover loss sustained by the Insured prior to the
effective date of such termination or cancellation and shall pay an additional
premium therefor.

Upon receipt of such notice from the Insured, the Underwriter shall give its
written consent thereto; provided, however, that such additional period of time
shall terminate immediately;

     (a)  on the effective date of any other insurance obtained by the Insured,
          its successor in business or any other party, replacing in whole or in
          part the insurance afforded by this bond, whether or not such other
          insurance provides coverage for loss sustained prior to its effective
          date, or

     (b)  upon takeover of theInsured's business by any State or Federal
          official or agency, or byany receiver or liquidator, acting or
          appointed for this purpose

without the necessity of the Underwriter giving notice of such termination. In
the event that such additional period of time is terminated, as provided above,
the Underwriter shall refund any unearned premium.

The right to purchase suchadditional period for the discovery of loss may not be
exercised by any State or Federalofficial or agency, or by any receiver or
liquidator, acting or appointed to take over the Insured's business for the
operation or forthe liquidation thereof or for any other purpose.

SECTION 15. CENTRAL HANDLING OF SECURITIES

Securities included in the systems for the central handling of securities
established and maintained by Depository Trust Company, Midwest Depository Trust
Company, Pacific Securities Depository Trust Company, and Philadelphia
Depository Trust Company, hereinafter called Corporations, to the extent of the
Insured's interest therein as effective by the making of appropriate entries on
the books and records of such Corporations shall be deemed to be Property.

The words "Employee" and "Employees" shall be deemed to include the officers,
partners, clerks and other employees of the New York Stock Exchange, Boston
Stock Exchange, Midwest Stock Exchange, Pacific Stock Exchange and Philadelphia
Stock Exchange, hereinafter called Exchanges, and of the above named
Corporations, and of any nominee in whose name is registered any security
included within the systems for the central handling of securities established
and maintained by such Corporations, and any employee of any recognized service
company, while such officers, partners, clerks and other employees and employees
of service companies perform services for such Corporations in the operation of
such systems. For the purpose of the above definition a recognized service
company shall be any company providing clerks or other personnel to said
Exchanges or Corporation on a contract basis.

The Underwriter shall not be liable on account of any loss(es) in connection
with the central handling of securities within the systems established and
maintained by such Corporations, unless such loss(es) shall be in excess of the
amount(s) recoverable or recovered under any bond or policy of insurance
indemnifying such Corporations, against such loss(es), and then the Underwriter
shall be liable hereunder only for the Insured's share of such excess loss(es),
but in no event for more than the Limit of Liability applicable hereunder.

For the purpose of determining theInsured's share of excess loss(es) it shall be
deemed that the Insured has an interest in any certificate representing any
security included within such systems equivalent to the interest the Insured
then has in all certificates representing the same security included within such
systems and that such Corporations shall use their best judgment in apportioning
the amount(s) recoverable or recovered under any bond or policy of insurance
indemnifying such Corporations against such loss(es) in connection with the
central handling of securities within such systems among all those having an
interest as recorded by appropriate entries in the books and records of such
Corporations in Property involved in such loss(es) on the basis that each such
interest shall share in the amount(s) so recoverable or recovered in the ratio
that the value of each such interest bears to the total value of all such
interests and that the Insured's share of such excess loss(es) shall be the
amount of the Insured's interest in such Property in excess of the amount(s) so
apportioned to the Insured by such Corporations.

This bond does not afford coverage in favor of such Corporations or Exchanges or
any nominee in whose name is registered any security included within the systems
for the central handling of securities established and maintained by such
Corporations, and upon payment to the Insured by the Underwriter on account of
any loss(es) within the systems, an assignment of such of the Insured's rights
and causes of action as it may have against such Corporations or Exchanges shall
to the extent of such payment, be given by the Insured to the Underwriter, and
the Insured shall execute all papers necessary to secure to the Underwriter the
rights provided for

SECTION 16. ADDITIONAL COMPANIES INCLUDED AS INSURED

If more than one corporation, co-partnership or person or any combination of
them be included as the Insured herein:

     (a)  the total liability of the Underwriter hereunder for loss or losses
          sustained by any one or more or all of them shall not exceed the limit
          for which the Underwriter would be liable hereunder if all such loss
          were sustained by any one of them,

     (b)  the one first named herein shall be deemed authorized to make, adjust
          and receive and enforce payment of all claims hereunder and shall be
          deemed to be the agent of the others for such purposes and for the
          giving or receiving of any notice required or permitted to be given by
          the terms hereof, provided that the Underwriter shall furnish each
          named Investment Company with a copy of the bond and with any
          amendment thereto, together with a copy of each formal filing of the
          settlement of each such claim prior to the execution of such
          settlement,

     (c)  the Underwriter shall not be responsible for the proper application of
          any payment made hereunder to said first named Insured,

     (d)  knowledge possessed or discovery made by any partner, officer or
          supervisory Employee of any Insured shall for the purposes of Section
          4 and Section 13 of this bond constitute knowledge or discovery by all
          the Insured, and

     (e)  if the first named Insured ceases for any reason to be covered under
          this bond, then the Insured next named shall thereafter be considered
          as the first named Insured for the purposes of this bond.

SECTION 17. NOTICE AND CHANGE OF CONTROL

Upon the Insured's obtaining knowledge of a transfer of its outstanding voting
securities which results in a change in control (as set forth in Section 2(a)
(9) of the Investment Company Act of 1940) of the Insured, the Insured shall
within thirty (30) days of such knowledge give written notice to the Underwriter
setting forth:

     (a)  the names of the transferors and transferees (or the names of the
          beneficial owners if the voting securities are requested in another
          name, and

     (b)  the total number of voting securities owned by the transferors and the
          transferees (or the beneficial owners), both immediately before and
          after the transfer, and

     (c)  the total number of outstanding voting securities.

As used in this section, control means the power to exercise a controlling
influence over the management or policies of the Insured.

Failure to give the required notice shall result in termination of coverage of
this bond, effective upon the date of stock transfer for any loss in which any
transferee is concerned or implicated.

Such notice is not required to be given in the case of an Insured which is an
Investment Company.

SECTION 18. CHANGE OR MODIFICATION

This bond or any instrument amending or effecting same may not be changed or
modified orally. No changes in or modification thereof shall be effective unless
made by written endorsement issued to form a part hereof over the signature of
the Underwriter's Authorized Representative. When a bond covers only one
Investment Company no change or modification which would adversely affect the
rights of the Investment Company shall be effective prior to 60 days after
written notification has been furnished to the Securities and Exchange
Commission, Washington, D.C. by the Insured or by the Underwriter. If more than
one Investment Company is named as the Insured herein, the Underwriter shall
give written notice to each Investment Company and to the Securities and
Exchange Commission, Washington, D.C. not less than 60 days prior to the
effective date of any change or modification which would adversely affect the
rights of such Investment Company.

IN WITNESS WHEREOF, the Underwriter has caused this bond to be executed on the
Declarations Page.



                                 ENDORSEMENT# 1

This endorsement, effective 12:01 am      May 15, 2016       forms a part of
policy number 01-393-42-36
issued to AllianceBernstein Complex of Registered Investment Companies

by National Union Fire Insurance Company of Pittsburgh, Pa.

                            NEW YORK STATUTORY RIDER

It is agreed that:

1.   Part (a) of the Section entitled "Termination or Cancelation" of this
     bond/policy is deleted.

2.   Cancelation of this bond/policy by the Underwriter/Company is subject to
     the following provisions:

     If the bond/policy has been in effect for 60 days or less, it may be
     cancelled by the Underwriter/Company for any reason. Such cancelation shall
     be effective 20 days after the Underwriter/Company mails a notice of cancel
     ation to the first-named insured at the mailing address shown in the
     bond/policy. However, if the bond/policy has been in effect for more than
     60 days or is a renewal, then cancelation must be based on one of the
     following grounds:

     (A)  non-payment of premium;

     (B)  conviction of a crime arising out of acts increasing the hazard
          insured against;

     (C)  discovery of fraud or material misrepresentation in the obtaining of
          the bond/policy or in the presentation of claim thereunder;

     (D)  after issuance of the bond/policy or after the last renewal date,
          discovery of an act or omission, or a violation of any bond/policy
          conditionthat substantially and materially increases the hazard
          insured against, and which occurred subsequent to inception of the
          current bond/policy period;

     (E)  material change in the nature or extent of the risk, occurring after
          issuance or last annual renewal anniversary date of the bond/policy,
          which causes the risk of loss to be substantially and materially
          increased beyond that contemplated at the time the bond/policy was
          issued or last renewed;

     (F)  the cancelation is required pursuant to a determination by the
          superintendent that continuation of the present premium volume of the
          insurer would jeopardize that insurer's solvency or be hazardous to
          the interests of the insureds, the insurer's creditors or the public;

     (G)  a determination by the superintendent that the continuation of the
          bond/policy would violate, or would place the insurer in violation of,
          any provision of the New York State insurance laws.

     (H)  where the insurer has reason to believe, in good faith and with
          sufficient cause, that there is a possible risk or danger that the
          insured property will be destroyed by the insuredfor the purpose of
          collecting the insurance proceeds, provided, however, that:

          (i)  a notice of cancelation on this ground shall inform the insured
               in plain language that the insured must act within ten days if
               review by theInsurance Department of the State of New York of the
               ground for cancelation is desired, and

          (ii) notice of cancelation on this ground shall be provided
               simultaneously by the insurer to the Insurance Department of the
               State of New York. Cancelation based on one of the above grounds
               shall be effective 15 days after the noticeof cancellation is
               mailed or delivered to the named insured, at the address shown on
               the bond/policy, and to its authorized agent or broker.

3.   If the Underwriter/Company elects not to replace a bond/policy at the
     termination of the bond/policy period, it shall notify the insured not more
     than 120 days nor less than 60 days before termination. If such notice is
     given late, the bond/policy shall continue in effect for 60 days after such
     notice is given. The Aggregate Limit of Liability shall not be increased or
     reinstated. The notice not to replace shall be mailed to the insured and
     its broker or agent.

4.   If the Underwriter/Company elects to replace the bond/policy, but with a
     change of limits, reduced coverage, increased deductible, additional
     exclusion, or upon increased premiums in excess of ten percent (exclusive
     of any premium increase as a result of experience rating), the Underwriter
     must mail written notice to the insured and its agent orbroker not more
     than 120 days nor less than 60 days before replacement. If such notice is
     given late, the replacement bond/policy shall be in effect with the same
     terms, conditions and rates as the terminated bond/policy for 60 days after
     such notice is given.

5.   The Underwriter/Company may elect to simply notify the insured that the
     bond/policy will either be not renewed or renewed with different terms,
     conditions or rates. In this event, the Underwriter/Company will inform the
     insured that a second notice will be sent at a later date specifying the
     Underwriter's/Company's exact intention. The Underwriter shall inform the
     insured that, in the meantime, coverage shall continue on the same terms,
     conditions and rates as the expiring bond/policy until the expiration date
     of the bond/policy or 60 days after the second notice is mailed or
     delivered, whichever is later.

FOR USE WITH FINANCIAL INSTITUTION BONDS, STANDARD
FORMS NOS. 14, 15, 24, AND 25 AND EXCESS BANK
EMPLOYEE DISHONESTY BONDS, STANDARD FORM NO. 28,
AND COMPUTER CRIME POLICY FOR FINANCIAL
INSTITUTIONS TO COMPLY WITH STATUTORY
REQUIREMENTS.






                                                     /s/
                                                     _________________________
                                                     AUTHORIZED REPRESENTATIVE






                                 ENDORSEMENT# 2

This endorsement, effective 12:01 am      May 15, 2016       forms a part of
policy number 01-393-42-36
issued to AllianceBernstein Complex of Registered Investment Companies

by       National Union Fire Insurance Company of Pittsburgh, Pa.


                                 NAMED INSUREDS

It is agreed that:

1.   Item 1. of the Declaration Page, Name of Insured, shall include the
     following:

     AB Income Fund, Inc.
     AllianceBernstein Global High Income Fund
     Alliance California Municipal Income Fund, Inc.
     Alliance New York Municipal Income Fund, Inc.
     Alliance National Municipal Income Fund, Inc.
     AllianceBernstein Multi-Manager Alternative Fund

     AllianceBernstein Bond Fund, Inc.:
     -    AllianceBernstein Bond Inflation
     -    AllianceBernstein Intermediate Bond Portfolio
     -    AllianceBernstein Limited Duration High Income Portfolio
     -    AllianceBernstein Municipal Bond Inflation Portfolio
     -    AllianceBernstein Real Asset Strategy Portfolio
     -    AllianceBernstein Tax-Aware Fixed Income Portfolio
     -    AllianceBernstein Government Reserves Portfolio

     AllianceBernstein High Income Fund, Inc.
     AllianceBernstein Exchange Reserves

     AllianceBernstein Fixed-Income Shares, Inc.
     -    Alliance Bernstein Government STIF Portfolio

     AllianceBernstein Corporate Shares
     -    AllianceBernstein Corporate Income Shares
     -    AllianceBernstein Municipal Income Shares
     -    AllianceBernstein Tax Aware Real Return Income Shares
     -    AllianceBernstein Taxable Multi-Sector Income Shares

     AllianceBernstein Global Bond
     AllianceBernstein Unconstrained Bond Fund
          (f/k/a Diversified Yield)

     AllianceBernstein Municipal Income Fund, Inc.:
     -    California Portfolio
     -    National Portfolio
     -    New York Portfolio
     -    High Income Municipal Portfolio

     AllianceBernstein Municipal Income Fund II:
     -    Arizona Portfolio
     -    Massachusetts Portfolio
     -    Michigan Portfolio
     -    Minnesota Portfolio
     -    New Jersey Portfolio
     -    Ohio Portfolio
     -    Pennsylvania Portfolio
     -    Virginia Portfolio

     AllianceBernstein Global Risk Allocation Portfolio (f/k/a Balanced Shares,
     Inc.)

     AllianceBernstein Cap Fund, Inc.:
     -    AllianceBernstein Small Cap Growth Portfolio
     -    AllianceBernstein Market Neutral Strategy - U.S. Portfolio
     -    AllianceBernstein Market Neutral Strategy - Global Portfolio
     -    AllianceBernstein International Discovery Equity Portfolio
     -    AllianceBernstein Emerging Market Multi-Asset Portfolio
     -    AllianceBernstein Select US Equity
     -    AllianceBernstein Dynamic All Market Fund
     -    AllianceBernstein Select US Long/Short Portfolio
     -    AllianceBernstein Concentrated Growth Fund

     AllianceBernstein Core Opportunities Fund, Inc.
          (f/k/a Focused Growth & Income Fund)
     AllianceBernstein Global Thematic Growth Fund, Inc.
     AllianceBernstein Growth & Income Fund, Inc.

     AllianceBernstein Institutional Funds, Inc.:
     -    AllianceBernstein Global Real Estate Investment Fund II

     AllianceBernstein International Growth Fund, Inc.
     AllianceBernstein Large-Cap Growth Fund, Inc.
     AllianceBernstein Discovery Growth Fund, Inc.
          (f/k/a Small/Mid-Cap Growth Fund, Inc.)
     AllianceBernstein Global Real Estate Investment Fund, Inc.

     AllianceBernstein Trust
     -    AllianceBernstein Global Value Fund
     -    AllianceBernstein International Value Fund
     -    AllianceBernstein Discovery Value Fund
          (f/k/a Small-Mid Cap Value Fund)
     -    AllianceBernstein Value Fund

     AllianceBernstein Equity Income Fund, Inc.
          (f/k/a Utility Income Fund)

     The AllianceBernstein Portfolios:
     -    AllianceBernstein Growth Fund
     -    AllianceBernstein Balanced Wealth Strategy
     -    AllianceBernstein Wealth Appreciation Strategy
     -    AllianceBernstein Conservative Wealth Strategy
     -    AllianceBernstein Tax-Managed Balanced Wealth Strategy
     -    AllianceBernstein Tax-Managed Wealth Appreciation Strategy
     -    AllianceBernstein Tax-Managed Conservative Wealth Strategy

     AllianceBernstein Blended Style Series, Inc.:
     -    AllianceBernstein 2000 Retirement Strategy
     -    AllianceBernstein 2005 Retirement Strategy
     -    AllianceBernstein 2010 Retirement Strategy
     -    AllianceBernstein 2015 Retirement Strategy
     -    AllianceBernstein 2020 Retirement Strategy
     -    AllianceBernstein 2025 Retirement Strategy
     -    AllianceBernstein 2030 Retirement Strategy
     -    AllianceBernstein 2035 Retirement Strategy
     -    AllianceBernstein 2040 Retirement Strategy
     -    AllianceBernstein 2045 Retirement Strategy
     -    AllianceBernstein 2050 Retirement Strategy
     -    AllianceBernstein 2055 Retirement Strategy

     Sanford C. Bernstein Fund, Inc.:
     -    California Municipal Portfolio
     -    Diversified Municipal Portfolio
     -    New York Municipal Portfolio
     -    U.S. Government Short Duration Portfolio
     -    Short Duration Plus Portfolio
     -    Intermediate Duration Portfolio
     -    Short Duration New York Municipal Portfolio
     -    Short Duration California Municipal Portfolio
     -    Short Duration Diversified Municipal Portfolio
     -    International Portfolio
     -    Tax-Managed International Portfolio
     -    Emerging Markets Portfolio
     -    Overlay A Portfolio
     -    Overlay B Portfolio
     -    Tax-Aware Overlay A Portfolio
     -    Tax-Aware Overlay B Portfolio
     -    Tax-Aware Overlay C Portfolio
     -    Tax-Aware Overlay N Portfolio

     Sanford C. Bernstein Fund II, Inc.:
     - Bernstein Intermediate Duration Institutional Portfolio

     AllianceBernstein Variable Products Series Fund, Inc.:
     -    AllianceBernstein Balanced Wealth Strategy Portfolio
     -    AllianceBernstein Dynamic Asset Allocation Portfolio
     -    AllianceBernstein Global Thematic Growth Portfolio
     -    AllianceBernstein Growth Portfolio
     -    AllianceBernstein Growth and Income Portfolio
     -    AllianceBernstein International Growth Portfolio
     -    AllianceBernstein International Value Portfolio
     -    AllianceBernstein Large Cap Growth Portfolio
     -    AllianceBernstein Real Estate Investment Portfolio
     -    AllianceBernstein Small Cap Growth Portfolio
     -    AllianceBernstein Small-Mid Cap Value Portfolio
     -    AllianceBernstein Intermediate Bond
          (f/k/a U.S. Government/High Grade Securities Portfolio)
     -    AllianceBernstein Value Portfolio

     The AllianceBernstein Pooling Portfolios:
     -    AllianceBernstein U.S. Value Portfolio
     -    AllianceBernstein U.S. Large Cap Growth Portfolio
     -    AllianceBernstein Multi-Asset Real Return Portfolio
          (f/k/a Global Real Estate Investment Portfolio)
     -    AllianceBernstein International Value Portfolio
     -    AllianceBernstein International Growth Portfolio
     -    AllianceBernstein Short Duration Bond Portfolio
     -    AllianceBernstein Global Core Bond Portfolio
          (f/k/a Intermediate Duration Bond Portfolio)
     -    AllianceBernstein Bond Inflation Protection Portfolio
          (f/k/a Inflation Protected securities Portfolio)
     -    AllianceBernstein High Yield Portfolio
     -    AllianceBernstein Small-Mid Cap Value Portfolio
     -    AllianceBernstein Small-Mid Cap Growth Portfolio
     -    AllianceBernstein Volatility Management Portfolio


     and any other fund(s) now existing in the AllianceBernstein Complex of
     Registered Investment Companies mutual fund program;

2.   Nothing herein contained shall be held to vary, alter, waive or extend any
     of the terms, limitations, conditions or agreements of the attached bond
     other than as above stated.










                                                     /s/
                                                     _________________________
                                                     AUTHORIZED REPRESENTATIVE



                                 ENDORSEMENT# 3

This endorsement, effective 12:01 am      May 15, 2016       forms a part of
policy number 01-393-42-36
issued to AllianceBernstein Complex of Registered Investment Companies

by       National Union Fire Insurance Company of Pittsburgh, Pa.


                    AMENDED INSURING AGREEMENT (A) FIDELITY

It is agreed that:

1.   Insuring Agreement (A) FIDELITY is hereby deleted in its entirety and the
     following is substituted therefor:

     (A)  Loss resulting directly from dishonest or fraudulent acts, including
          Larceny and Embezzlement, committed by an Employee anywhere and
          whether committed alone or in collusion with others, including lossof
          Property resulting from such acts of an Employee, which Property is
          held by the Insured for any purpose or in any capacity and whether so
          held gratuitously or not and whether or not the Insured is liable
          therefor.

          Such dishonest or fraudulent acts must be committed by the Employee
          with the manifest intent:

          (a)  to cause the Insured to sustain such loss; or

          (b)  to obtain financial benefit for the Employee, or for any other
               person or organization intended by the Employee to receive such
               benefit.

          Notwithstanding the foregoing, however, it is agreed that with regard
          to Loans and/or Trading, this bond covers only loss resulting directly
          from dishonest or fraudulent acts committed by an Employee with the
          intent to cause the Insured to sustain such loss and whichresults in a
          financial benefit for the Employee.

          The term "Loans" as used in this Insuring Agreement shall be deemed to
          mean all extensions of credit by the Insured and all transactions
          creating a creditor relationship in favor of the Insured and all
          transactions by which the Insured assumes an existing creditor
          relationship.

          The term "Trading" as used in this Insuring Agreement shall be deemed
          to mean trading or other dealings in securities, commodities, futures,
          options, swaps, foreign or Federal Funds, currencies, foreign exchange
          and the like.

          As used throughout this Insuring Agreement, financial benefit does not
          include any salaries, commissions, fees, bonuses, promotions, awards,
          profit sharing, pensions or other employee benefits earned in the
          normal course of employment.

2.   Nothing herein contained shall be held to vary, alter, waive or extend any
     of the terms, limitations, conditions or agreements of the attached bond
     other than as above stated.






                                                     /s/
                                                     _________________________
                                                     AUTHORIZED REPRESENTATIVE







                                 ENDORSEMENT# 4

This endorsement, effective 12:01 am      May 15, 2016       forms a part of
policy number 01-393-42-36
issued to AllianceBernstein Complex of Registered Investment Companies

by       National Union Fire Insurance Company of Pittsburgh, Pa.


It is agreed that:

1.   Insuring Agreement (B),AUDIT EXPENSE, applies to the discovery of any loss
     sustained by the Insured and covered by this Bond.

2.   Nothing herein contained shall be held to vary, alter, waive or extend any
     of the terms, limitations, conditions or agreements of the attached bond
     other than as above stated.





                                                     /s/
                                                     _________________________
                                                     AUTHORIZED REPRESENTATIVE







                                                ENDORSEMENT# 5

This endorsement, effective 12:01 am      May 15, 2016       forms a part of
policy number 01-393-42-36
issued to AllianceBernstein Complex of Registered Investment Companies

by       National Union Fire Insurance Company of Pittsburgh, Pa.


              AMENDED INSURING AGREEMENT (G) COUNTERFEIT CURRENCY

It is agreed that:

1.   Insuring Agreement (G), COUNTERFEIT CURRENCY, is amended so that coverage
     applies to any counterfeited money orders or altered paper currencies or
     coin of any country.

2.   Nothing herein contained shall be held to vary, alter, waive or extend any
     of the terms, limitations, conditions or agreements of the attached bond
     other than as above stated.






                                                     /s/
                                                     _________________________
                                                     AUTHORIZED REPRESENTATIVE




                                                ENDORSEMENT# 6

This endorsement, effective 12:01 am      May 15, 2016       forms a part of
policy number 01-393-42-36
issued to AllianceBernstein Complex of Registered Investment Companies

by       National Union Fire Insurance Company of Pittsburgh, Pa.


                                COMPUTER SYSTEMS

It is agreed that:

1.   The attached bond is amended by adding an Insuring Agreement (J) as
     follows:

                                COMPUTER SYSTEMS

     Loss resulting directly from a fraudulent

     (1)  entry of data into, or

     (2)  change of data or programs within

          a Computer System; provided the fraudulent entry or change causes

          (a)  Property to be transferred, paid or delivered;

          (b)  an account of the Insured, or of its customer, to be added,
               deleted, debited or credited;

          (c)  an unauthorized account or a fictitious account to be debited or
               credited;

     (3)  voice instructions or advices having been transmitted to the Insured
          or its agent(s) by telephone;

          and provided further, the fraudulent entry or change is made or caused
          by an individual acting with the intent to:

          (i)  cause the Insured or its agent(s) to sustain a loss; and

          (ii) obtain financial benefit for that individual or for other persons
               intended by that individual to receive financial benefit; and

          (iii) further provided such voice instructions or advices:

               (a)  were made by a person who purported to represent an
                    individual authorized to make such voice instruction or
                    advices; and

               (b)  were electronically recorded by the Insured or its agent(s).

     (4)  It shall be a condition to recovery under the Computer Systems
          Insuring Agreement that the Insured or its agent(s) shall, to the
          bestof their ability, electronically record all voice instructions or
          advices received over the telephone. The Insured or its agent(s)
          warrant that they shall make their best efforts to maintain the
          electronic recording system on a continuous basis. Nothing, however,
          in this Insuring Agreement shall bar the Insured from recovery where
          no recording is available because of mechanical failure of the device
          used in making such recording, or because of failure of the media used
          to record conversation from any cause, or error or omission of any
          Employee(s) or agent(s) of the Insured.

                              SCHEDULE OF SYSTEMS

                       All computer systems utilized by the Insured
                       --------------------------------------------

2.   As used in this Insuring Agreement, Computer System means:

     (a)  computers with related peripheral equipment, including storage
          components, wherever located;

     (b)  systems and application software;

     (c)  terminal devices;

     (d)  related communication networks or customer communication systems; and

     (e)  related electronic funds transfer systems;


     by which data are electronically collected, transmitted, processed, stored
     and retrieved.

3.   In addition to the Exclusions in the attached Bond, the following
     exclusions are applicable to this Insuring Agreement:

     (a)  loss resulting directly or indirectly from the theft of confidential
          information, material or data; and

     (b)  loss resulting directly or indirectly from entries or changes made by
          an individual authorized to have access to a Computer System who acts
          in good faith on instructions, unless such instructions are given to
          that individual by a software contractor (or by a partner,officer
          oremployee thereof) authorized by the Insured to design, develop,
          prepare, supply, service, write or implement programs for the
          Insured's Computer System.

4.   All loss or series of losses involving the fraudulent activity of one
     individual, or involving fraudulent activity in which one individual is
     implicated, whether or not that individual is specifically identified,
     shall be treated as one loss. A series of lossesinvolving unidentified
     individuals but arising from the same method of operation may be deemed by
     the Underwriter to involve the same individual and, in that event, shall be
     treated as one loss.

5.   The Limit of Liability for the coverage provided by this Insuring Agreement
     shall be as shown on the Declaration Page of this Bond.

6.   The Underwriter shall be liable hereunder for the amount by which one loss
     shall be in excess of the Deductible Amount as shown on the Declaration
     Page of this Bond.

7.   If any loss iscovered under this Insuring Agreement and any other Insuring
     Agreement or Coverage, the maximum amount payable for such loss shall not
     exceed the largest amount available under any one Insuring Agreement or
     Coverage.

8.   Coverage under this Insuring Agreement shall terminate upon termination or
     cancellation of the bond to which this Insuring Agreement is attached.
     Coverage under this Insuring Agreement may also be terminated or cancelled
     without cancelling the Bond as an entirety:

     (a)  60 days after receipt by the Insured of written notice from the
          Underwriter of its desire to terminate or cancel coverage under this
          Insuring Agreement; or

     (b)  immediately upon receipt by the Underwriter of a written request from
          the Insured to terminate or cancel coverage under this Insuring
          Agreement.

      The Underwriter shall refund to the Insured the unearned premium for this
      coverage under this Insuring Agreement. The refund shall be computed at
      short rates if this Insuring Agreement is terminated or cancelled or
      reduced by notice from, or at the instance of, the Insured.

9.   Section 4, LOSS-NOTICE-PROOF-LEGAL PROCEEDINGS of the Conditions and
     Limitations of this Bond is amended by adding the following sentence:

     "Proof of loss resulting from voice instructions or advices covered under
     this Insuring Agreement shall include electronic recording of such voice
     instructions or advices."

10.  Notwithstanding the foregoing, however, coverage afforded by this Insuring
     Agreement isnot designed to provide protection against loss covered under a
     separate Electronic and Computer Crime Policy by whatever title assigned or
     by whatever Underwriter written. Any loss which is covered under such
     separate policy is excluded from coverage under this Bond and the Insured
     agrees to make claim for such loss under its separate policy.

11.  Nothing herein contained shall be held to vary, alter, waive or extend any
     of the terms, limitations, conditions or agreements of the attached bond
     other than as above stated.






                                                     /s/
                                                     _________________________
                                                     AUTHORIZED REPRESENTATIVE





                                 ENDORSEMENT# 7

This endorsement, effective 12:01 am      May 15, 2016       forms a part of
policy number 01-393-42-36
issued to AllianceBernstein Complex of Registered Investment Companies

by       National Union Fire Insurance Company of Pittsburgh, Pa.


                          TELEFACSIMILE TRANSFER FRAUD

It is agreed that:

1.   The attached bond is amended by adding an Insuring Agreement (K) as
     follows:

                          TELEFACSIMILE TRANSFER FRAUD

     Loss resulting by reason of the Insured having transferred, paid or
     delivered any funds or Property, established any credit, debited any
     account, orgiven any value relying on any fraudulent instructions sent by a
     customer or financial institution by Telefacsimile transmission directed to
     the Insured, authorizing or acknowledging the transfer, payment or delivery
     of funds or Property, the establishment of a credit, debiting of any
     account, or the giving of value by the Insured, but only if such
     Telefacsimile instructions:

     i)   bear a valid test key exchanged between the Insured and a customer or
          another financial institution with authority to use such test key for
          Telefacsimile instructions in the ordinary course of business, but
          which test key has been wrongfully obtained by a person who was not
          authorized to initiate, make, validate or authenticate a test key
          arrangement; and

     ii)  fraudulently purport to have been sent by such customer or financial
          institution, but which Telefacsimile instructions were transmitted
          without the knowledge or consent of such customer or financial
          institution by a person other than such customer or financial
          institution and which bear a forged signature.

          "Telefacsimile" means a system of transmitting written documents by
          electronic signals over telephone lines to equipment maintained by the
          Insured within its communication room for the purposes of reproducing
          a copy of said document. It does not mean an electronic communication
          sent by telex, TWC, electronic mail or an Automated Clearing House.

2.   The Limit of Liability for the coverage provided by this Insuring Agreement
     shall be as shown on the Declaration Page of this Bond.

3.   The Underwriter shall be liable hereunder for the amount by which one loss
     shall be in excess of the Deductible Amount as shown on the Declaration
     Page of this Bond.

4.   Nothing herein contained shall be held to vary, alter, waive or extend any
     of the terms, limitations, conditions or agreements of the attached bond
     other than as above stated.







                                                     /s/
                                                     _________________________
                                                     AUTHORIZED REPRESENTATIVE






                                 ENDORSEMENT# 8

This endorsement, effective 12:01 am      May 15, 2016       forms a part of
policy number 01-393-42-36
issued to AllianceBernstein Complex of Registered Investment Companies

by       National Union Fire Insurance Company of Pittsburgh, Pa.

                            AUTOMATED PHONE SYSTEMS

It is agreed that:

1.   The attached bond is amended by adding an Insuring Agreement (L) as
     follows:

                            AUTOMATED PHONE SYSTEMS

     I.   Loss caused by an Automated Phone System ("APS") Transaction, where
          the request for such APS Transaction is unauthorized or fraudulent and
          is made with the manifest intent to deceive; provided, that the entity
          which receives such request generally maintains and follows during the
          bond Period all APS Designated Procedures with respect to APS
          Transactions. The unintentional isolated failure of such entity to
          maintain and follow a particular APS Designated Procedure in a
          particular instance shall not preclude coverage under this Insuring
          Agreement, subject to the exclusions herein and in the Bond.

          1.   Definitions. The following terms used in this Insuring Agreement
               shall have the following meanings:

               a.   "APS Transaction" means any APS Redemption, APS Exchange or
                    APS Election.

               b.   "APS Redemption" means any redemption of shares issued by an
                    Investment Company which is requested over the telephone by
                    means of information transmitted by an individual caller
                    through use of a telephone keypad.

               c.   "APS Election" means any election concerning dividend
                    options available to fund shareholders which is made over
                    the telephone by means of information transmitted by an
                    individual caller through use of a telephone keypad.

               d.   "APS Exchange" means any exchange of shares in a registered
                    account of one fund into shares in an identically registered
                    account of another fund in the same complex pursuant to
                    exchange privilegesof the two funds, which exchange is
                    requested over the telephone by means of information
                    transmitted by an individual caller through use of a
                    telephone keypad.

               e.   "APS Designated Procedures" means all of the following
                    procedures:

                    (1)  Election in Application: No APS Redemption shall be
                         executed unless the shareholder to whose account such
                         an APS Redemption relates has previously elected by
                         official designation to permit such APS Redemption.

                    (2)  Logging: All APS Transaction requests shall be logged
                         or otherwise recorded, so as to preserve all of the
                         information transmitted by an individual caller through
                         use of a telephone keypadin the course of such a
                         request, and the records shall be retained for at least
                         six months.

                        (a)  Information contained in the records shall be
                             capable of being retrieved through the following
                             methods:

                             Procedures normally used by the Insured

                        (b)  Information contained in the records shall be
                             capable of being retrieved and produced within a
                             reasonable time after retrieval of specific
                             information is requested, at a success
                             rate of no less than 85 percent.

                    (3)  Identity Test: The identity of the caller in any
                         request for an APS Transaction shall be tested before
                         execution of that APS Transaction by requiring the
                         entry by the caller of a confidential personal
                         identification number ("PIN")

                        (a)   Limited a ttempts to e nter PIN: If the caller
                              fails to enter a correct PIN within three
                              attempts, the caller must not be allowed
                              additional attempts during the same (telephone
                              call/twenty-four hour day) to enter the PIN.

                    (4)  Written Confirmation: A written confirmation of any APS
                         Transaction shall be mailed to the shareholder(s) to
                         whose account such APS Transaction relates, at the
                         original record address, by the end of the Insured's
                         next regular processing cycle, but in no event later
                         than five business days following such APS Transaction.

                    (5)  Access to APS Equipment: Access to the equipment which
                         permits the entity receiving the APS Transaction
                         request to process and effect the transaction shall be
                         limited in the following manner:

                         Procedures normally used by the Insured

2.   Exclusions. It is further understood and agreed that this extension shall
     not cover:

     a.   any loss covered under Insuring Agreement (A), FIDELITY,of this Bond;

     b.   any loss resulting from:

          (1)  the redemption of shares, where the proceeds of such redemption
               are made payable to other than

               (i)  the shareholder of record; or

               (ii) a person officially Designated to receive redemption
                    proceeds; or

              (iii) a bankaccount officially designated to receive redemption
                    proceeds; or

          (2)  the redemption of shares, where the proceeds of such redemption
               are paid by check mailed to any address, unless such address has
               either been

               (i)  designated by voice over the telephone orin writing without
                    a signature guarantee, in either case at least thirty (30)
                    days prior to such redemption; or

               (ii) officially designated; or

              (iii) verified by any other procedures which may be normally used
                    by the Insured; or

          (3)  the redemption of shares, where the proceeds of such redemption
               are paidby wire transfer to other than the shareholder's
               officially Designated bank account; or

          (4)  the intentional failure to adhere to one or more APS Designated
               Procedures.

2.   Nothing herein contained shall be held to vary, alter, waive, or extend any
     of the terms, limitations, conditions or agreements of the attached bond
     other than as above stated.






                                                     /s/
                                                     _________________________
                                                     AUTHORIZED REPRESENTATIVE






                                 ENDORSEMENT# 9

This endorsement, effective 12:01 am      May 15, 2016       forms a part of
policy number 01-393-42-36
issued to AllianceBernstein Complex of Registered Investment Companies

by       National Union Fire Insurance Company of Pittsburgh, Pa.

                               AUTOMATIC COVERAGE

It is agreed that:

1.   If the Insured shall, while this bond is in force, establish any new funds
     other than by consolidation or merger with, purchase or acquisition of
     assets or liabilities of, another institution, such funds shall
     automatically be covered hereunder from the date of such establishment
     without the payment of additional premium for the remainder of the premium
     period.

2.   If the Insured shall, while this bond isin force, require an increase in
     limits to comply with SEC Reg. 17g-1, due to an increase in asset size of
     current funds insured under this bond or by the addition of new funds, such
     increase in limits shall automatically be covered hereunder from the date
     of such increase without the payment of additional premium for the
     remainder of the premium period.

3.   Nothing herein contained shall be held to vary, alter, waive or extend any
     of the terms, limitations, conditions or agreements of the attached bond
     other than as above stated.







                                                     /s/
                                                     _________________________
                                                     AUTHORIZED REPRESENTATIVE




                                ENDORSEMENT# 10

This endorsement, effective 12:01 am      May 15, 2016       forms a part of
policy number 01-393-42-36
issued to AllianceBernstein Complex of Registered Investment Companies

by       National Union Fire Insurance Company of Pittsburgh, Pa.

                         AMEND SECTION 13., TERMINATION
It is agreed that:

1.   The attached bond is hereby amended by deleting Section 13., TERMINATION,
     in its entirety and substituting the following:

     The Underwriter may terminate this bond as an entirety by furnishing
     written notice specifying the termination date which cannot be prior to 90
     days after the receipt of such written notice by each Investment Company
     named as Insured and the Securities and Exchange Commission, Washington,
     DC. The Insured may terminate this bond as an entirety by furnishing
     written notice to the Underwriter. When the Insured cancels, the Insured
     shall furnish written notice to the Securities and Exchange Commission,
     Washington, DC prior to 90 days before the effective date of termination.
     The Underwriter shall notify all other Investment Companies named as
     Insured of the receipt of such termination notice and the termination
     cannot be effective prior to 90 days after receipt of written notice by all
     other Investment Companies. Premiums are earned until the termination date
     as set forth herein.

     This bond will terminate as to any one Insured, (other than a registered
     management investment company), immediately upon taking over of such
     Insured by a receiver or other liquidator or by State or Federal officials,
     or immediately upon the filing of a petition under any State or Federal
     statute relative to bankruptcy or reorganization of the Insured, or
     assignment for the benefit of creditors of the Insured, or immediately upon
     such Insured ceasing to exist, whether through merger into another entity,
     or by disposition of all of its assets.

     This bond will terminate as to any registered management investment company
     upon the expiration of 90 days after written notice has been given to the
     Securities and Exchange Commission, Washington, DC.

     The Underwriter shall refund the unearned premium computed at short rates
     in accordance with the standard short rate cancellation tables if
     terminated by the Insured or pro rata if terminated for any other reason.

     This bond shall terminate:

     a.   as to any Employee as soon as any partner, officer or supervisory
          Employee of the Insured, who is not in collusion with such Employee,
          shall learn of any dishonest or fraudulent act(s), including Larceny
          or Embezzlement, on the part of such Employee without prejudice to the
          loss of any Property then in transit in the custody of such Employee
          and upon the expiration of 90 days after written notice has been given
          to the Securities and Exchange Commission, Washington, DC (see Section
          16(d)) and to the Insured Investment Company; or

     b.   as to any Employee 90 days after receipt by each Insured and by the
          Securities and Exchange Commission of a written notice from the
          Underwriter of its desire to terminate this bond as to such Employee;
          or

     c.   as to any person, who is a partner, officer or employee of any
          electronic data processor covered under this bond, from and after the
          time that the Insured or any partner or officer thereof not in
          collusion with such person shall have knowledge or information that
          such person has committed any dishonest orfraudulent act(s), including
          Larceny orEmbezzlement, in the service of the Insured or otherwise,
          whether such act be committed before or after the time this bond is
          effective and upon the expiration of 90 days after written notice has
          been given by the Underwriter to the Securities and Exchange
          Commission, Washington, DC and to the insured Investment Company.

2.   Upon the detection by any Insured that an Employee has committed any
     dishonest or fraudulent act(s) or theft, the Insured shall immediately
     remove such Employee from a position that may enable such Employee to cause
     the Insured to suffer a loss by any subsequent dishonest or fraudulent
     act(s) or theft. The Insured, within forty-eight (48) hours of such
     detection, shall notify the Underwriter with full and complete particulars
     of the detected dishonest or fraudulent act(s) or theft.

3.   Nothing herein contained shall be held to vary, alter, waive or extend any
     of the terms, limitations, conditions or agreements of the attached bond
     other than as above stated.






                                                     /s/
                                                     _________________________
                                                     AUTHORIZED REPRESENTATIVE





                                ENDORSEMENT# 11

This endorsement, effective 12:01 am      May 15, 2016       forms a part of
policy number 01-393-42-36
issued to AllianceBernstein Complex of Registered Investment Companies

by       National Union Fire Insurance Company of Pittsburgh, Pa.

                                 COSURETY RIDER

It is agreed that:

1.   The term "Underwriter" as used in the attached bond shall be construed to
     mean, unless otherwise specified in this rider, all the Companies executing
     the attached bond.

2.   Each of said Companies shall be liable only for such proportion of any
     Single Loss under the attached bond as the amount underwritten by such
     Company, as specified in the Schedule forming a part hereof, bears to the
     Aggregate Limit of Liability of the attached bond, but in no event shall
     any of said Companies be liable for an amount greater than that
     underwritten by it.

3.   In the absence of a request from any of said Companies to pay premiums
     directly to it, premiums for the attached bond may be paid to the
     Controlling Company for the account of all of said Companies.

4.   In the absence of a request from any of said Companies that notice of claim
     and proof of loss be given to or filed directly with it, the giving of such
     notice to and the filing of such proof with, the Controlling Company shall
     be deemed to be in compliance with the conditions of the attached bond for
     the giving of notice of loss and the filing of proof of loss, if given and
     filed in accordance with said conditions.

5.   The Controlling Company may give noticein accordance with the terms of the
     attached bond, terminating or canceling the attached bond as an entirety or
     as to any Employee, and any notice so given shall terminate or cancel the
     liability of all of said Companies as an entirety or as to such Employee,
     as the case may be.

6.   Any Company other than the Controlling Company may give notice in
     accordance with the terms of the attached bond, terminating or canceling
     the entire liability of such other Company under the attached bond or as to
     any Employee.

7.   In the absence of a request from any of said Companies that notice of
     termination or cancellation by the Insured of the attached bond in its
     entirety be given to or filed directly with it, the giving of such notice
     in accordance with the terms of the attached bond to the Controlling
     Company shall terminate or cancel the liability of all of said Companies as
     an entirety. The Insured may terminate or cancel the entire liability of
     any Company, otherthan the Controlling Company, under the attached bond by
     giving notice of such termination or cancellation to such other Company,
     and shall send copy of such notice to the Controlling Company.

8.   In the event of the termination or cancellation of the attached bond as an
     entirety, no Company shall be liable to the Insured for a greater
     proportion of any return premium due the Insured than the amount
     underwritten by such Company bears to the Aggregate Limit of Liability of
     the attached bond.

9.   In the event of termination or cancellation of the attached bond as to any
     Company, such Company alone shall be liable to the Insured for any return
     premium due the Insured on account of such termination or cancellation. The
     termination or cancellation of the attached bond as to any Company other
     than the Controlling Company shall not terminate, cancel or otherwise
     affect the liability of the other Companies under the attached bond.

Underwritten for the sum of
$20,000,000, part of $50,000,000

                                    By: _______________________________________
                                          National Union Fire Insurance Company
                                          of Pittsburgh, Pa.
                                          Controlling Company

Underwritten for the sum of
$15,000,000, part of $50,000,000

                                    By:  ______________________________________
                                           Continental Insurance Company

Underwritten for the sum of
$10,000,000, part of $50,000,000

                                   By: ________________________________________
                                          U.S. Specialty Insurance Company

Underwritten for the sum of
$5,000,000, part of $50,000,000

                                   By:  _______________________________________
                                          Berkley Regional Insurance Company





                                                     /s/
                                                     _________________________
                                                     AUTHORIZED REPRESENTATIVE





                                ENDORSEMENT# 12


This endorsement, effective 12:01 am      May 15, 2016       forms a part of
policy number 01-393-42-36
issued to AllianceBernstein Complex of Registered Investment Companies

by       National Union Fire Insurance Company of Pittsburgh, Pa.

                                NOTICE OF CLAIM
                             (REPORTING BY E- MAIL)

In consideration of the premium charged, it is hereby understood and agreed as
follows:

1.   Email Reporting of Claims: In addition to the postal address set forth for
     any Notice of Claim Reporting under this policy, such notice may also be
     given in writing pursuant to the policy's other terms and conditions to the
     Insurer by email at the following email address:

     c-claim@AIG.com

     Your email must reference the policy number for this policy. The date of
     the Insurer's receipt of the emailed notice shall constitute the date of
     notice.

     In addition to Notice of Claim Reporting via email, notice may also be
     given to the Insurer by mailing such notice to: AIG, Financial Lines
     Claims, P.O. Box 25947, Shawnee Mission, KS 66225 or faxing such notice to
     (866) 227- 1750.

2.   Definitions: For this endorsement only, the following definitions shall
     apply:

     (a)  "Insurer" means the "Insurer," "Underwriter" or "Company" or other
          name specifically ascribed in this policy as the insurance company or
          underwriter for this policy.

     (b)  "Notice of Claim Reporting" means "notice of claim/ circumstance,"
          "notice of loss" or other reference in the policy designated for
          reporting of claims, loss or occurrences or situationsthat may give
          rise or result in lossunder this policy.

     (c)  "Policy" means the policy, bond or other insurance product to which
          this endorsement is attached.

3.   This endorsement does not apply to any Kidnap & Ransom/ Extortion Coverage
     Section, if any, provided by this policy.

ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS REMAIN UNCHANGED.






                                                     /s/
                                                     _________________________
                                                     AUTHORIZED REPRESENTATIVE



                                ENDORSEMENT# 13

This endorsement, effective 12:01 am      May 15, 2016       forms a part of
policy number 01-393-42-36
issued to AllianceBernstein Complex of Registered Investment Companies

by       National Union Fire Insurance Company of Pittsburgh, Pa.

                RELIANCE UPON OTHER CARRIER'S APPLICATION RIDER

It is agreed that:

1.   In granting coverage under this bond, the Underwriter has relied upon the
     statements and representations contained in the below referenced
     application (including materials submitted thereto and, if such application
     is a renewal application, all such previous bond applications and their
     attachments and materials, for which this bond is a renewal or succeeds in
     time) as being accurate and complete.

2.   The Insured warrants and represents to the Underwriter that the statements
     and representations made in such applicationwere accurate on the date such
     representations and statements were so given and that in connection
     therewith the Insured reaffirms each and every statement made in the
     application to ICI Mutual Insurance Company as accurate as of April 11,
     2012 as if it was made to the Underwriter on such date. All such statements
     and representations shall be deemed to be material to the risk assumed by
     the Underwriter, and are the basis of this bond and are deemed to be
     considered as incorporated into this bond.

     Type of Bond Application          Carrier                       Date Signed
     Alternative Renewal Application   ICI Mutual Insurance Company  03/22/2016


3.   Nothing contained here shall be held to vary, alter, waive or extend any of
     the terms, limitations, conditions, or agreements of the attached bond
     other than as above stated.





                                                     /s/
                                                     _________________________
                                                     AUTHORIZED REPRESENTATIVE




                                ENDORSEMENT# 14

This endorsement, effective 12:01 am      May 15, 2016       forms a part of
policy number 01-393-42-36
issued to AllianceBernstein Complex of Registered Investment Companies

by       National Union Fire Insurance Company of Pittsburgh, Pa.


                        NEW YORK AMENDATORY ENDORSEMENT

Wherever used in this endorsement: 1) "Insurer" means the insurance company
which issued this policy; and 2) "Insured" means the Named Corporation, Named
Organization, Named Sponsor, Named Insured, Named Entity or Insured stated in
the declarations page;

The policy is hereby amended as follows:

I.   The Cancellation and When We Do Not Renew provisions are deleted and
     replaced by the following:

     (a)  CANCELLATION BY THE INSURED

          This policy may be cancelled by the Insured by surrender of this
          policy to the Insurer or by giving written notice to the Insurer
          stating when thereafter such cancellation shall be effective.
          ThePolicy Period terminates at the date and hour specified in such
          notice, or at the date and time of surrender.

     (b)  CANCELLATION, NONRENEWAL AND CONDITIONAL RENEWAL BY THE INSURER

          (i)  If this policy has been in effect for sixty (60) or fewer days
               when cancellation notice is mailed, and this policy is not a
               renewal of a policy issued by the Insurer, then this policy may
               be cancelled by the Insurer by mailing or delivering to the
               Insured, and to his authorized insurance agent or broker, written
               notice stating when not less than twenty (20) days thereafter
               (fifteen (15) days thereafter if cancellation is because of one
               of the reasons for cancellation set forth in subsection (ii)
               below) the cancellation shall be effective. Notice of
               cancellation issued by the Insurer shall specify the grounds for
               cancellation.

          (ii) If this policy has been in effect for more than sixty (60) days
               when notice of cancellation is mailed, or if this policy is a
               renewal of a policy issued by the Insurer, then this policy may
               be cancelled by the Insurer by mailing or delivering to the
               Insured, and to his authorized insurance agent or broker, written
               notice stating when not less than fifteen (15) days thereafter
               the cancellation shall be effective; however, such cancellation
               must be based on one or more of the following:

               (A)  nonpayment of premium, provided, however, that a notice of
                    cancellation on this ground shall inform the first Named
                    Insured of the amount due;

               (B)  conviction of a crime arising out of acts increasing the
                    hazard insured against;

               (C)  discovery of fraud or material misrepresentation in the
                    obtaining of the policy or in the presentation of a claim
                    thereunder;

               (D)  after issuance of the policy or afterthe last renewaldate,
                    discovery of an act or omission, or a violation of any
                    policy condition, that substantially and materially
                    increases the hazard insured against, and which occurred
                    subsequent to inception of the current Policy Period;

               (E)  material change in the nature or extent of the risk,
                    occurring after issuance or last annual renewal anniversary
                    date of the policy, which causes the risk of loss to be
                    substantially and materially increased beyond that
                    contemplated at the time the policy was issued or last
                    renewed;

               (F)  required pursuant to a determinationbythe New York
                    Superintendent of Insurance that continuation of the present
                    premium volume of the Insurer would jeopardize the Insurer's
                    solvency or be hazardous to the interests of Insureds of the
                    Insurer, its creditors or the public;

               (G)  a determination by the New York Superintendent of Insurance
                    that the continuation of the policy would violate, or would
                    place the Insurer in violation of, any provision of the New
                    York Insurance Law;

               (H)  revocation or suspension of an Insured's license to practice
                    his profession; or

               (I)  where the Insurer has reason to believe that there is a
                    probable risk or danger that the Insured will destroy or
                    permit the destruction of the insured property for the
                    purpose of collecting the insurance proceeds, provided,
                    however, that:

                    (1)  a notice of cancellation on this ground shall inform
                         the Insured in plain language that the Insured must act
                         within ten days if review by the department of the
                         ground for cancellation is desired pursuant to item (3)
                         of this subparagraph (I);

                    (2)  notice of cancellation on this ground shall be provided
                         simultaneously by the Insurer to the department; and

                    (3)  upon written request of the Insured made to the
                         department within ten days from the Insured's receipt
                         of notice of cancellation on this ground, the
                         department shall undertake a review of the ground for
                         cancellation to determine whether or not theInsurer has
                         satisfied thecriteria for cancellation specified in
                         this subparagraph; if after such review the department
                         finds no sufficient cause for cancellation on this
                         ground, the notice of cancellation on this ground shall
                         be deemed null and void.

                    Notice of cancellation by the Insurer shall specify the
                    grounds for cancellation.

          (iii)

               (A)  The Insurer shall mail to the Insured, and to his authorized
                    insurance agent or broker, written notice indicating the
                    Insurer's intention:

                    (1)  not to renew this policy;

                    (2)  to condition its renewal upon change of limits, change
                         in type of coverage, reduction of coverage, increased
                         deductible or addition of exclusions or upon increased
                         premiums in excess of ten percent; (exclusive of any
                         premium increase generated as a result of increased
                         exposure units or as a result of experience rating,
                         loss rating, or audit);

                    (3)  that the policy will not be renewed or will not be
                         renewed upon the same terms, conditions or rates; such
                         alternative renewal notice must be mailed or delivered
                         on a timely basis and advise the Insured that a second
                         notice shall be mailed at a later date indicating the
                         Insurer's intention as specified in subparagraph (1) or
                         (2) of this paragraph (A) and that coverage shall
                         continueon thesame terms, conditions and rates as
                         expiring, until the later of the expiration date or
                         sixty (60) days after the second notice is mailed or
                         delivered; such alternative renewal notice also shall
                         advise the insured of the availability of loss
                         information and, upon written request, the request, the
                         insurer shall furnish such loss information within ten
                         (10) days to the insured.

               (B)  A nonrenewal notice as specified in subparagraph (1), a
                    conditional renewal notice as specified in subparagraph (2),
                    and the second notice described in subparagraph (3) of
                    paragraph (A) of this subsection (iii) shall contain the
                    specific reason or reasons for nonrenewal or conditional
                    renewal, and set forth the amount of any premium increase
                    and nature of any other proposed changes.

               (C)  The notice required by paragraph (A) of this subsection
                    (iii) shall be mailed at least sixty (60) but not more than
                    one hundred twenty (120) days in advance of the end of the
                    Policy Period.

               (D)

                    (1)  If the Insurer employs an alternative renewal notice as
                         authorized by subparagraph (3) of paragraph (A) of this
                         subsection (iii), the Insurer shall provide coverage on
                         the same terms, conditions, and rates as the expiring
                         policy, until the later of theexpiration date or sixty
                         (60) days after the mailing of the second notice
                         described in such subparagraph.

                    (2)  Prior to the expiration date of the policy, in the
                         event that an incomplete or late conditional renewal
                         notice or a late nonrenewal notice is provided by the
                         Insurer, the Policy Period shall be extended, at the
                         same terms and conditions as the expiring policy,
                         except that the annual aggregate limit of the expiring
                         policy shall be increased in proportion to the policy
                         extension, and at the lower of the current rates or the
                         prior period's rates, until sixty (60) days after such
                         notice is mailed, unless the Insured elects to cancel
                         sooner.

                    (3)  In the event that a late conditional renewal notice or
                         a late nonrenewal notice is provided by the insurer on
                         or after the expiration date of the policy, coverage
                         shall remain in effect on the same terms and conditions
                         of the expiring policy for another required policy
                         period, and at the lower of the current rates or the
                         prior period's rates unless the insured during the
                         additional required policy period has replaced the
                         coverage or elects to cancel, in which event such
                         cancellation shall be on a pro rata premium basis.

          (iv) Nothing herein shall be construed to limit the grounds for which
               the Insurer may lawfully rescind this policy or decline to pay a
               claim under this policy.

          (v)  Notice required herein to be mailed to the Insured shall be
               mailed to the Insured at the address shown in Item 1 of the
               Declarations.

               Notice required herein to be mailed by the Insurer shall be sent
               by registered, certified or other first class mail. Delivery of
               written notice shall be equivalent to mailing.

               Proof of mailing of such notice as aforesaid shall be sufficient
               proof of notice. The Policy Period shall terminate at the
               effective date and hour of cancellation or nonrenewal specified
               in such notice.

          (vi) If this policy shall be cancelled by the Insured, the Insurer
               shall retain the customary short rate proportion of the premium
               hereon.

               If this policy shall be cancelled by the Insurer, the Insurer
               shall retain the pro rata proportion of the premium hereon.

               Payment or tender of any unearned premium by the Insurer shall
               not be a condition of cancellation, but such payment shall be
               made as soon as practicable.

          ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS REMAIN UNCHANGED.










                                                     /s/
                                                     _________________________
                                                     AUTHORIZED REPRESENTATIVE







                                ENDORSEMENT# 15

This endorsement, effective 12:01 am      May 15, 2016       forms a part of
policy number 01-393-42-36
issued to AllianceBernstein Complex of Registered Investment Companies

by       National Union Fire Insurance Company of Pittsburgh, Pa.

               NEW YORK AMENDATORY ENDORSEMENT - NY STATUTE 3420

Wherever used in this endorsement: 1) "we", "us", "our" and "Insurer" mean the
insurance company which issued this policy; 2) "you", "your", "Insured" and
"first Named Insured" mean the Named Corporation, Named Entity, Named
Organization, Named Sponsor, Named Insured, or Insured stated in the
declarations page; 3) "other insured(s)" means all other persons or entities
afforded coverage under the policy; 4) "Discovery Period" means Discovery Period
or Extended Reporting Period, as defined in the policy; and 5) "Claim" means
Claim or Suit as defined in the policy.

It is hereby understood and agreed that the policy is amended as follows:

A.   The following provisions are hereby added to the policy:

     FAILURE TO GIVE NOTICE WITHIN PRESCRIBED TIME:

          Failure to give any notice required to be given by this policy, or any
          policy of which this is a renewal, within the prescribedtime shall not
          invalidate any Claim made against an Insured if:

          (a)  it shall be shown not to have been reasonably possible to give
               notice within theprescribed time and that notice was given as
               soon as was reasonably possible thereafter; or

          (b)  the failure to provide timely notice has not prejudiced the
               Insurer.

          Any such Claim shall be deemed to have been first made against the
          Insured and noticed to the Insurer within the Policy Period or
          Discovery Period of the policy issued by the Insurer (the "Noticed
          Policy") in which the Insurer received notice of the Claim; provided
          that the coverage afforded with respect to the Noticed Policy shall be
          in an amount no t g reater than the amount of coverage afforded with
          respect to the Policy Period of the policy issued by the Insurer (the
          "Former Policy") in which the Claim was actually first made against
          the Insured. The foregoing sentence may result in (but not be limited
          to): (1) reducing the limit of liability available for such a Claim to
          the available limit of liability applicable to the Former Policy; (2)
          increasing the applicable retention amount to that retention amount
          applicable to the Former Policy; or
          (3) reducing or eliminating coverage due to exclusions or other
          restrictions appearing in the Former Policy but eliminated, in part or
          in whole, in the Noticed Policy. No coverage shall be afforded under
          this endorsement if there was not in existence a Former Policy at the
          time the Claim was actually first made against the Insured.

          With respect to subsection (b) above, any such Claim must be noticed
          during the Policy Period or Discovery Period of a Noticed Policy which
          is a renewal or extension of the Former Policy.

          Nothing in this endorsement shall be construed to provide coverage for
          a Claim under more than one Policy Period or Discovery Period.

PREJUDICE:

          In the event that the Insurer alleges that it was prejudiced as a
          result of a failure to give notice within the time required under the
          policy, the burden of proof shall be on:

          (a)  the Insurer to prove that it has been prejudiced, if the notice
               was provided within two years of the time required under the
               policy; or

          (b)  the Insured to prove that the Insurer has not been prejudiced, if
               the notice was provided more than two years after the time
               required under the policy.

          The Insurer's rights shall not be deemed prejudiced unless the failure
          to timely provide notice materially impairsthe ability of the Insurer
          to investigate or defend the Claim.

          Notwithstanding the above, an irrebuttable presumption of prejudice
          shall apply if, prior to the notice, the Insured's liability has been
          determined by a court of competent jurisdiction or by a binding
          arbitration; or if the Insured has resolved the Claim by settlement or
          other compromise.

NOTICE TO AGENT:

          Notice given by or on behalf of the Insured, or written notice by or
          on behalf of the injured party or any other claimant, to any licensed
          agent of the Insurer in the state of New York, with particulars
          sufficient to identify the Insured, shall be deemed notice to the
          Insurer.

INSOLVENCY/ BANKRUPTCY OF INSURED:

          The insolvency or bankruptcy of the Insured shall not relieve the
          Insurer of its obligations under this policy as long as all policy
          requirements are met by Insured, its trustee or receiver in
          bankruptcy. Should a covered judgment be rendered against an insolvent
          or bankrupt Insured, the Insurer shall be liable for the amount of
          such judgment not to exceed the applicable limit of liability under
          this policy.

B.   The Clause entitled, "Action Against Us " or "Action Against Company" is
     deleted in its entirety and replaced with the following:

     No one may bring an action against us unless there has been full compliance
     with all the terms of this policy and the amount of the Insured's
     obligation to pay has been finally determined either by:

     1.   judgment against the Insured which remains unsatisfied at the
          expiration of thirty (30) days from the service of notice of entry of
          the judgment upon the Insured and upon us; or

     2.   written agreement of the Insured, the claimant and us.

     Any person or organization or legal representative thereof who has secured
     such judgment or written agreementshall thereafter be entitled to recover
     under this policy to the extent of the insurance afforded by this policy.
     We may not be impleaded by the Insured or its legal representative in any
     legal action brought against the Insured by any person or organization.

ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS REMAIN UNCHANGED.









                                                     /s/
                                                     _________________________
                                                     AUTHORIZED REPRESENTATIVE






                                ENDORSEMENT# 16

This endorsement, effective 12:01 am      May 15, 2016       forms a part of
policy number 01-393-42-36
issued to AllianceBernstein Complex of Registered Investment Companies

by  National Union Fire Insurance Company of Pittsburgh, Pa.

                 THIS ENDORSEMENT CHANGES THE POLICY. PLEASE READ IT CAREFULLY.

                         ECONOMIC SANCTIONS ENDORSEMENT

This endorsement modifies insurance provided under the following:

The Insurer shall not be deemed to provide cover and the Insurer shall not be
liable to pay any claim or provide any benefit hereunder to the extent that the
provision of such cover, payment of such claim or provision of such benefit
would expose the Insurer, its parent company or its ultimate controlling entity
to any sanction, prohibition or restriction under United Nations resolutions or
the trade or economic sanctions, laws or regulations of the European Union or
the United States of America.












                                                     /s/
                                                     _________________________
                                                     AUTHORIZED REPRESENTATIVE








                                ENDORSEMENT# 17

This endorsement, effective 12:01 am      May 15, 2016       forms a part of
policy number 01-393-42-36
issued to AllianceBernstein Complex of Registered Investment Companies

by       National Union Fire Insurance Company of Pittsburgh, Pa.


                             AMENDED INSURED RIDER

In consideration of the premium charged, it is hereby understood and agreed that
Item 1. Declarations page, Name of Insured is amended to include the following
entities, however, solely with respect those individuals meeting the
requirements in subparagraph (9) in the definition of Employee;

1.   AllianceBernstein L.P. ,
2.   AllianceBernstein Holding L.P.,
3.   AllianceBernstein Corporation,
4.   AllianceBernstein Investments, Inc.,
5.   AllianceBernstein Global Derivatives Corporation,
6.   AllianceBernstein Investor Services, Inc., and
7.   Sanford C. Bernstein & Co., LLC.

Nothing herein contained shall be held to vary, alter, waive or extend any of
the terms, limitations, conditions or agreements of the attached bond other than
as above stated.









                                                     /s/
                                                     _________________________
                                                     AUTHORIZED REPRESENTATIVE




                                ENDORSEMENT# 18

This endorsement, effective 12:01 am      May 15, 2016       forms a part of
policy number 01-393-42-36
issued to AllianceBernstein Complex of Registered Investment Companies

by       National Union Fire Insurance Company of Pittsburgh, Pa.

                           SPECIFIC ENTITY EXCLUSION

In consideration of the premium charged, it is hereby understood and agreed that
this bond does not cover any lossof AllianceBernstein U.S. Real Estate
(Employee) Fund II, L.P. (including any subsidiary or employee thereof).

ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS REMAIN UNCHANGED.








                                                     /s/
                                                     _________________________
                                                     AUTHORIZED REPRESENTATIVE





                                ENDORSEMENT# 19

This endorsement, effective 12:01 am      May 15, 2016       forms a part of
policy number 01-393-42-36
issued to AllianceBernstein Complex of Registered Investment Companies

by       National Union Fire Insurance Company of Pittsburgh, Pa.

                            FORMS INDEX ENDORSEMENT

The contents of the Policy is comprised of the following forms:



FORM NUMBER     EDITION      FORM TITLE
                DATE
--------------------------------------------------------------------------------
41205           04/95        INVESTMENT COMPANY BLANKET BOND - DEC PAGE
41206           09/84        INVESTMENT COMPANY BLANKET BOND GUTS
SR 6180b        12/93        NEW YORK STATUTORY RIDER
MNSCPT                       NAMED INSUREDS
MNSCPT                       AMENDED INSURING AGREEMENT (A) FIDELITY
MNSCPT                       AMENDED INSURING AGREEMEN (B) AUDIT EXPENSE
MNSCPT                       AMENDED INSURING AGREEMENT (G) COUNTERFEIT CURRENCY
MNSCPT                       CONFUTER SYSTEMS
MNSCPT                       TELEFACSIMILE TRANSFER FRAUD
MNSCPT                       AUTOMATED PHONE SYSTEMS
MNSCPT                       AUTCMAT1C COVERAGE
MNSCPT                       AMEND SECTION 13., TERMINATION
MNSCPT                       COSURETY RIDER
99758           08/08        NOTICE OF CLAIM (REPORTING BY E-MAIL)
MNSCPT                       RELIANCE UPON OTHER CARRIER'S APPLICATION RIDER
69898           09/06        NEW YORK AMENDATORY - CANCELLATION/NONRENEVVAL
83231           01/09        NEW YORK LAW 3420 AMENDATORY ENDORSEMENT
89644           06/13        ECONOMIC SANCTIONS ENDORSEMENT
MNSCPT                       AMENDED INSURED RIDER
MNSCPT                       SPECIFIC ENTITY EXCLUSION
78859           10/01        FORMS INDEX ENDORSEMENT


ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS REMAIN UNCHANGED.






                                                     /s/
                                                     _________________________
                                                     AUTHORIZED REPRESENTATIVE



                                                                       EXHIBIT B

         Registered Investment Companies Joint Fidelity Bond Agreement


            Agreement made as of May 13, 2016, by and among AB Bond Fund, Inc.,
AB Cap Fund, Inc., AB Core Opportunities Fund, Inc., AB Corporate Shares, AB
Discovery Growth Fund, Inc., AB Equity Income Fund, Inc., AB Exchange Reserves,
AB Fixed-Income Shares, Inc., AB Global Bond Fund, Inc., AB Global Real Estate
Investment Fund, Inc., AB Global Risk Allocation Fund, Inc., AB Global Thematic
Growth Fund, Inc., AB Growth and Income Fund, Inc., AB High Income Fund, Inc.,
AB Institutional Funds, Inc., AB International Growth Fund, Inc., AB Large Cap
Growth Fund, Inc., AB Municipal Income Fund, Inc., AB Municipal Income Fund,
Inc. II, AB Trust, AB Unconstrained Bond Fund, Inc., AB Variable Products Series
Fund, Inc., Sanford C. Bernstein Fund II, Inc., The AB Portfolios, The AB
Pooling Portfolios, AllianceBernstein Global High Income Fund, Inc.,
AllianceBernstein National Municipal Income Fund, Inc., Alliance California
Municipal Income Fund, Inc., AB Multi-Manager Alternative Fund, Bernstein Fund,
Inc., Sanford C. Bernstein Fund, Inc., (collectively, the "investment
companies") and AllianceBernstein L.P. ("AB")

            Whereas, the investment companies that are parties to this Agreement
are management investment companies registered under the Investment Company Act
of 1940, as amended (the "Act"); and

            Whereas, AB provides investment advisory services and/or certain
administrative and financial services to the investment companies; and

            Whereas, pursuant to Rule 17g-1, as amended, promulgated under the
Act, registered management investment companies must provide and maintain
fidelity bonds covering larceny and embezzlement by certain of their officers
and employees in amounts no less than stated minimums based upon the gross
assets of such registered management investment companies; and

            Whereas, pursuant to Rule 17g-1(b) under the Act, registered
management investment companies that are managed and/or whose shares are
distributed by the same person may obtain joint coverage as insureds under a
single fidelity bond (a "joint fidelity bond"); and

            Whereas, the investment companies are registered management
investment companies managed by AB; and

            Whereas, the investment companies desire to obtain coverage under
one joint fidelity bond; and

            Whereas, the Board of Directors of the Sanford C. Bernstein Fund,
Inc. ("SCB Fund") and the Bernstein Fund, Inc. ("Bernstein Fund" and, together
with SCB Fund, "SCB Funds") elects to calculate the required amounts of fidelity
bond coverage on a basis that treats each portfolio of either SCB Fund or
Bernstein Fund as a separate registered management investment company for
purposes of Rule 17g-1, even though not required to do so under the Rule; and

            Whereas, the AB Multi-Manager Alternative Fund ("MMA Fund") is
composed of a single portfolio; and

            Whereas, the Boards of Directors or Trustees of each investment
company that is a party to this Agreement other than SCB Fund, Bernstein Fund
and MMA Fund (each such investment company, an "AB Fund", and together, the "AB
Funds") that has multiple portfolios elects to calculate the required amounts of
fidelity bond coverage on a basis that treats such an investment company as a
single registered management investment company for purposes of Rule 17g-1; and

            Whereas, the Board of Directors or Trustees of each of the
investment companies which are parties to this Agreement, including a majority
of the Directors or Trustees, as applicable, who are not "interested persons" of
such investment company as defined by Section 2(a)(19) of the Act
("Disinterested Directors/Trustees"), has approved coverage under one joint
fidelity bond with each of the other investment companies that are parties to
this Agreement in the respective amounts set forth in Schedule A to this
Agreement.

            Now, Therefore, it is agreed as follows:

            1. That the investment companies that are parties to this Agreement
and AB will be named as insureds and will be covered under a joint fidelity bond
with National Union Fire Insurance Co., U.S. Specialty Insurance Company,
Continental Insurance Company, Berkley Regional Insurance Company, Liberty
Mutual Insurance Company and Everest Reinsurance Company (each, a "fidelity
insurance company" and collectively, the "fidelity insurance companies") in the
aggregate amount of $73,025,000 at a total annual cost of $242,734, each such
investment company having specific coverage in accordance with Rule 17g-1(d).
The required coverage amount (calculated pursuant to the elections of the
respective Boards) for each investment company is also shown opposite the name
of each investment company in a separate column on Schedule A. For the avoidance
of doubt, the amount of coverage under the joint fidelity bond shall at all
times be at least equal in amount to the total amount of coverage which each
investment company would have been required to provide and maintain individually
pursuant to the schedule set forth in paragraph (d)(i) of Rule 17g-1 under the
Act had each investment company not been named an insured under the joint
fidelity bond.

            2. No premium shall be paid by an investment company under the joint
fidelity bond unless that investment company's Board of Directors or Trustees,
as applicable, including a majority of the Disinterested Directors/Trustees,
shall have approved the portion of the premium to be paid by that investment
company. The premium payable on the joint fidelity bond shall be allocated among
the investment companies in the respective amounts set forth opposite the name
of each investment company listed on Schedule A in the column entitled
"Allocated Cost".

            3. AB has been named an insured under the joint fidelity bond for
administrative convenience. The parties agree that in no event shall AB be
entitled to retain any recovery payable under the joint fidelity bond, although
it may receive payments which will be distributed to one or more investment
companies to facilitate the administration of the joint fidelity bond.

            4. (a) In the event that one or more of the investment companies
sustains a loss for which recovery is received under the joint fidelity bond,
each such investment company shall receive that portion of the recovery which is
sufficient in amount to indemnify that party in full for the loss sustained by
it (other than the portion thereof subject to a deductible), unless the recovery
is inadequate to fully indemnify all investment companies for such losses by
them (other than the portions thereof subject to deductibles).

            (b) If the recovery is inadequate to indemnify fully each such
investment company for losses sustained by it (other than the portion thereof
subject to a deductible), the recovery shall be allocated as follows, to the
extent applicable:

            (i) The AB Funds shall be allocated an aggregate amount equal to the
      lesser of (A) their actual aggregate loss (net of any deductibles) and (B)
      the sum of $44,600,000 plus the difference between: (1) $26,925,000 and
      the amount of the loss recovered by the SCB Funds under clause (ii), and
      (3) $1,500,000 and the amount of the loss recovered by the MMA Fund under
      clause (iii). Such amount shall be allocated among the AB Funds on an
      equitable and proportionate basis as determined by their respective Boards
      of Directors or Trustees, but each AB Fund shall be allocated an amount at
      least equal to the amount which it would have received had it procured and
      maintained a single insured bond with the minimum coverage required by
      Rule 17g-1(d)(1).

            (ii) The SCB Funds shall be allocated an aggregate amount equal to
      the lesser of (A) their actual aggregate loss (net of any deductibles) and
      (B) the sum of $26,925,000 plus the difference between: (1) $44,600,000
      and the amount of the loss recovered by the AB Funds under clause (i) and
      (2) $1,500,000 and the amount of the loss recovered by the MMA Fund under
      clause (iii). Such amounts shall be allocated among the portfolios of the
      SCB Fund on an equitable and proportionate basis as determined by the
      Board of Directors of the SCB Fund, but each such portfolio shall be
      allocated an amount at least equal to the amount which it would have
      received had it procured and maintained a single insurance bond with the
      minimum coverage required by Rule 17g-1(d)(1), assuming that each such
      portfolio would be deemed a separate registered investment company for
      such purposes.

            (iii) MMA Fund shall be allocated an aggregate amount equal to the
      lesser of (A) its actual loss (net of any deductibles) and (B) the sum of
      $1,500,000 plus the difference between: (1) $44,600,000 and the amount of
      the loss recovered by the AB Funds under clause (i) and (2) $26,925,000
      and the amount of the loss recovered by the SCB Funds under clause (ii).
      Such amount shall be at least equal to the amount which MMA Fund would
      have received had it procured and maintained a single insurance bond with
      the minimum coverage required by Rule 17g-1(d)(1).

            (iv) Where a compromise results in recovery by any or all of the
      investment companies of less than the full amount of its (or their) actual
      aggregate loss covered by the joint fidelity bond, the recovery shall be
      allocated consistent with clauses (i), (ii) and (iii) above among the
      investment companies that sustained such loss, without regard to the
      proportion of the actual aggregate loss recovered, and with the
      $44,600,000, $26,925,000 and $1,500,000 amounts being reduced
      proportionate to any reduction to the $73,025,000 total insured bond as a
      result of such compromise unless the compromise was based on facts and
      circumstances particular to one or more, but fewer than all, insured
      parties seeking to recover, in which case any or all of the $44,600,000,
      $26,925,000 or $1,500,000 amounts will be adjusted in an equitable manner
      taking into account the particular facts and circumstances and the
      principles reflected above.

            4. This Agreement may not be amended or modified in any manner
except by a written agreement executed by all parties hereto.

            5. This Agreement shall be governed by and construed in accordance
with the laws of the State of New York.





      IN WITNESS WHEREOF, each of the parties has caused this Agreement to  be
executed in  its  name  and  on  its behalf  by  its authorized representative
effective as of the day and year first written above.


                              /s/ Emilie D. Wrapp
                              ----------------------------------------------
                              Emilie D. Wrapp
                              Secretary for each of the Investment Companies


                              /s/ David M. Lesser
                              ----------------------------------------------
                              David M. Lesser
                              Assistant Secretary for AllianceBernstein L.P.



                                                             SCHEDULE A
                                                             ----------

Registered Management Investment Companies                   Allocated Cost ($)     Bond Amount ($)

                                                                                 
AB Bond Fund, Inc.                                                 8,309.96              2,500,000
AB Cap Fund, Inc.                                                  8,309.96              2,500,000
AB Core Opportunities Fund, Inc.                                   1,994.39                600,000
AB Corporate Shares                                                4,985.98              1,500,000
AB Discovery Growth Fund, Inc.                                     5,650.77              1,700,000
AB Equity Income Fund, Inc.                                        3,323.98              1,000,000
AB Exchange Reserves                                               5,650.77              1,700,000
AB Fixed-Income Shares, Inc.                                       8,309.96              2,500,000
AB Global Bond Fund, Inc.                                          8,309.96              2,500,000
AB Global Real Estate Investment Fund, Inc.                        1,994.39                600,000
AB Global Risk Allocation Fund, Inc.                               2,492.99                750,000
AB Global Thematic Growth Fund, Inc.                               2,991.59                900,000
AB Growth and Income Fund, Inc.                                    6,315.57              1,900,000
AB High Income Fund, Inc.                                          8,309.96              2,500,000
AB Institutional Funds, Inc.                                       2,492.99                750,000
AB International Growth Fund, Inc.                                 2,492.99                750,000
AB Large Cap Growth Fund, Inc.                                     6,980.37              2,100,000
AB Municipal Income Fund, Inc.                                     8,309.96              2,500,000
AB Municipal Income Fund, Inc. II                                  4,154.98              1,250,000
AB Trust                                                           6,980.37              2,100,000
AB Unconstrained Bond Fund, Inc.                                   2,492.99                750,000
AB Variable Products Series Fund, Inc.                             8,309.96              2,500,000
Sanford C. Bernstein Fund II, Inc.                                 2,991.59                900,000
The AB Pooling Portfolios                                          8,309.96              2,500,000
The AB Portfolios                                                  8,309.96              2,500,000
AllianceBernstein Global High Income Fund, Inc.                    4,154.98              1,250,000
AllianceBernstein National Municipal Income Fund, Inc.             3,323.98              1,000,000
Alliance California Municipal Income Fund, Inc.                    1,994.39                600,000
Bernstein Fund, Inc.
      Small Cap Portfolio                                          1,745.09                525,000
      International Small Cap Portfolio                            2,991.59                900,000
      International Strategic Equities Portfolio                   4,154.98              1,250,000
Sanford C. Bernstein Fund, Inc.
      California Municipal Portfolio                               4,154.98              1,250,000
      Diversified Municipal Portfolio                              8,309.96              2,500,000
      Emerging Markets Portfolio                                   4,154.98              1,250,000
      Intermediate Duration Portfolio                              8,309.96              2,500,000
      International Portfolio                                      4,985.98              1,500,000
      New York Municipal Portfolio                                 4,985.98              1,500,000
      Short Duration California Municipal Portfolio                  831.03                250,000
      Short Duration Diversified Municipal Portfolio               1,994.39                600,000
      Short Duration New York Municipal Portfolio                  1,329.59                400,000
      Short Duration Plus Portfolio                                2,492.99                750,000
      Tax-Managed International Portfolio                          8,309.96              2,500,000
      U.S. Government Short Duration Portfolio                       997.20                300,000
      Overlay A Portfolio                                          5,650.77              1,700,000
      Overlay B Portfolio                                          4,154.98              1,250,000
      Tax-Aware Overlay A Portfolio                                8,309.96              2,500,000
      Tax-Aware Overlay B Portfolio                                5,650.77              1,700,000
      Tax-Aware Overlay C Portfolio                                2,991.59                900,000
      Tax-Aware Overlay N Portfolio                                2,991.59                900,000
AB Multi-Manager Alternative Fund                                  4,985.98              1,500,000

Totals                                                          $242,734.00            $73,025,000








                                                                     EXHIBIT C-1




                       CERTIFICATE OF ASSISTANT SECRETARY

                                 THE AB FUNDS*

                            Regarding Fidelity Bond

            The undersigned, being duly elected and qualified Assistant
Secretary of the Funds listed on Schedule A (attached hereto), hereby certifies
that attached hereto is a true and complete copy of the resolutions that were
approved by the Board of Directors/Trustees of the Funds at a meeting held on
May 4, 2016, at which a quorum was present and voted in favor thereof, and that
said resolutions have not been revoked or amended and are now in full force and
effect.

            IN WITNESS WHEREOF, the undersigned has executed this Certificate as
Assistant Secretary of the above-referenced Funds on this 1st day of June, 2016.


                                         /s/ Stephen J. Laffey
                                         ----------------------------------
                                         Stephen J. Laffey
                                         Assistant Secretary














                        RESOLVED, that the Board of Directors/Trustees hereby
                  determines that participation by the Funds in a joint fidelity
                  bond underwritten by National Union Fire Insurance Co. of
                  Pittsburgh, PA, U.S. Specialty Insurance Company, Continental
                  Insurance Company, Berkley Regional Insurance Company, Liberty
                  Mutual Insurance Company and Everest Insurance Company,
                  covering officers and employees of each Fund (and employees of
                  service providers to each Fund if and to the extent such
                  persons are included in the definition of "Employee" in the
                  joint fidelity bond) in accordance with the requirements of
                  Rule 17g-1 promulgated by the Securities and Exchange
                  Commission under Section 17(g) of the Investment Company Act
                  of 1940, as amended (the "Act") in the amount of $73,025,000
                  is reasonable in form and amount, after having given due
                  consideration to the value of the aggregate assets of the
                  Funds to which any such covered person may have access, the
                  type and terms of the arrangements made for the custody and
                  safekeeping of such assets and the nature of the securities in
                  the Funds' portfolios;

                        RESOLVED, that the Board of Directors/Trustees,
                  including a majority of the disinterested Directors/Trustees,
                  hereby approves, ratifies and authorizes the payment by the
                  Treasurer of the Funds of an amount approximately equal to
                  _____*_____ representing the portion of 2016 annual premium on
                  such joint insured fidelity bond allocable to the each Fund
                  based on its coverage under such bond after giving due
                  consideration to all relevant factors, including the number of
                  other parties named as the insured, the nature of the business
                  activities of such other parties, the $73,025,000 aggregate
                  amount of coverage under the joint insured bond, the aggregate
                  2016 annual cost of such bond of $242,734 the ratable
                  allocation of the cost among all parties named as insureds and
                  the extent to which the share of the cost allocated to each
                  Fund is less than the cost such Fund would have to pay if it
                  maintained a single insured bond with an aggregate limit equal
                  to that of the joint bond;

                        RESOLVED, that the Board of Directors/Trustees,
                  including a majority of the disinterested Directors/Trustees,
                  hereby confirms, ratifies and approves in all respects the
                  execution by the appropriate officers of the Funds of an
                  agreement among each Fund and all of the other named insureds
                  under the joint fidelity bond, which agreement provides that
                  in the event recovery is received under the bond as a result
                  of a loss sustained by a Fund and one or more named insureds,
                  such Fund shall receive an equitable and proportionate share
                  of the recovery, but at least equal to the amount which it
                  would have received had it maintained a single insured bond
                  with the minimum coverage required by paragraph (d)(1) of Rule
                  17g-1 promulgated under the Act; and

                        RESOLVED, that the Secretary and each Assistant
                  Secretary of the Funds be, and each of them hereby is,
                  designated to make all filings with the Securities and
                  Exchange Commission and to give all notices on behalf of the
                  Funds required by paragraph (g) of Rule 17g-1 promulgated
                  under the Investment Company Act of 1940.


* See Schedule A



                                   Schedule A

                                     17g-1


AB Funds                                                    Allocated Cost
--------                                                    --------------

AB Bond Fund, Inc.                                            $8,309.96
AB Cap Fund, Inc.                                             $8,309.96
AB Core Opportunities Fund, Inc.                              $1,994.39
AB Corporate Shares                                           $4,985.98
AB Discovery Growth Fund, Inc.                                $5,650.77
AB Equity Income Fund, Inc.                                   $3,323.98
AB Exchange Reserves                                          $5,650.77
AB Fixed-Income Shares, Inc.                                  $8,309.96
AB Global Bond Fund, Inc.                                     $8,309.96
AB Global Real Estate Investment Fund, Inc.                   $1,994.39
AB Global Risk Allocation Fund, Inc.                          $2,492.99
AB Global Thematic Growth Fund, Inc.                          $2,991.59
AB Growth and Income Fund, Inc.                               $6,315.57
AB High Income Fund, Inc.                                     $8,309.96
AB Institutional Funds, Inc.                                  $2,492.99
AB International Growth Fund, Inc.                            $2,492.99
AB Large Cap Growth Fund, Inc.                                $6,980.37
AB Municipal Income Fund, Inc.                                $8,309.96
AB Municipal Income Fund, Inc. II                             $4,154.98
AB Trust                                                      $6,980.37
AB Unconstrained Bond Fund, Inc.                              $2,492.99
AB Variable Products Series Fund, Inc.                        $8,309.96
Sanford C. Bernstein Fund II, Inc.                            $2,991.59
The AB Portfolios                                             $8,309.96
The AB Pooling Portfolios                                     $8,309.96
AllianceBernstein Global High Income Fund, Inc.               $4,154.98
Alliance California Municipal Income Fund, Inc.               $1,994.39
AllianceBernstein National Municipal Income Fund, Inc.        $3,323.98





                                                                     EXHIBIT C-2

                       AB Multi-Manager Alternative Fund
                       Certificate of Assistant Secretary

            I, Eric C. Freed, the undersigned Assistant Secretary of AB
Multi-Manager Alternative Fund (a Delaware statutory trust), DO HEREBY CERTIFY
that the following resolutions were approved by the Board of Trustees of the
Trust at its Regular Meeting held on April 21, 2016:

                  RESOLVED, that the Board of Trustees hereby determines that
            participation by the Fund in a joint fidelity bond underwritten by
            National Union Fire Insurance Co. of Pittsburgh, PA, Continental
            Insurance Company, Berkley Regional Insurance Company, Everest
            Reinsurance Company, Liberty Mutual Insurance Company and U.S.
            Specialty Insurance Company, covering officers and employees of the
            Fund (and employees of service providers to the Fund if and to the
            extent such persons are included in the definition of "Employee" in
            the joint fidelity bond) in accordance with the requirements of Rule
            17g-1 promulgated by the Securities and Exchange Commission under
            Section 17(g) of the 1940 Act, in the amount of approximately
            $1,500,000 for the Fund is reasonable in form and amount, after
            having given due consideration to the value of the aggregate assets
            of the Fund to which any such covered person may have access, the
            type and terms of the arrangements made for the custody and
            safekeeping of such assets and the nature of the securities in the
            Fund's portfolio; and it is further

                  RESOLVED, that the Board of Trustees, including a majority of
            the Independent Trustees, hereby approves, ratifies and authorizes
            the payment by the Treasurer of the Fund of an amount approximately
            equal to $5,000 representing the portion of 2016 annual premium on
            such joint insured fidelity bond allocable to the Fund based on its
            coverage under such bond after giving due consideration to all
            relevant factors, including the number of other parties named as
            insured, the nature of the business activities of such other
            parties, the approximate $73,325,000 aggregate amount of coverage
            under the joint insured bond, the aggregate 2016 annual cost of such
            bond of approximately $243,500, the ratable allocation of the cost
            among all parties named as insured and the extent to which the share
            of the cost allocated to the Fund is less than the cost the Fund
            would have to pay if it maintained a single insured bond with an
            aggregate limit equal to that of the joint bond; and it is further

                  RESOLVED, that the Board of Trustees, including a majority of
            the Independent Trustees, hereby confirms, ratifies and approves in
            all respects the execution by the appropriate officers of the Fund
            of an agreement among the Fund and all of the other named insureds
            under the joint fidelity bond, which agreement provides that in the
            event recovery is received under the bond as a result of a loss
            sustained by the Fund and one or more named insureds, the Fund shall
            receive an equitable and proportionate share of the recovery, but at
            least equal to the amount which it would have received had it
            maintained a single insured bond with the minimum coverage required
            by paragraph (d)(1) of Rule 17g-1 promulgated under the Act; and it
            is further

                  RESOLVED, that the Secretary and Assistant Secretary of the
            Fund be, and each of them hereby is, designated to make all filings
            with the Securities and Exchange Commission and to give all notices
            on behalf of the Fund required by paragraph (g) of Rule 17g 1
            promulgated under the Act;


            IN WITNESS WHEREOF, I have executed this Certificate this 1st day of
June, 2016.


                                         /s/ Eric C. Freed
                                         ----------------------------------
                                         Eric C. Freed
                                         Assistant Secretary




                                                                     EXHIBIT C-3
                            CERTIFICATE OF SECRETARY
                        SANFORD C. BERNSTEIN FUND, INC.
                            Regarding Fidelity Bond

            The undersigned, being the duly elected and qualified Assistant
Secretary of the above-referenced Fund, hereby certifies that attached hereto is
a true and complete copy of the resolutions that were approved by the Board of
Directors of the Fund on April 20, 2016, and that said resolutions have not been
revoked or amended and are now in full force and effect.

            IN WITNESS WHEREOF, the undersigned has executed this Certificate as
Secretary of the above-referenced Fund on this 1st day of June, 2016.


                                         /s/ Nancy E. Hay
                                         ----------------------------------
                                         Nancy E. Hay
                                         Assistant Secretary




                  Resolved, that the Board of Directors hereby determines that
            participation by SCB Fund and Bernstein Fund (together, the "Funds")
            in a joint fidelity bond underwritten by National Union Fire
            Insurance Company, Continental Insurance Company, Berkley Regional
            Insurance Company, Everest Reinsurance Company, Liberty Mutual
            Insurance Company and U.S. Specialty Insurance Company, covering
            officers and employees of the Funds (and employees of service
            providers to the Funds if and to the extent such persons are
            included in the definition of "Employee" in the joint fidelity bond)
            in accordance with the requirements of Rule 17g-1 promulgated by the
            Securities and Exchange Commission under Section 17(g) of the
            Investment Company Act of 1940, as amended (the "1940 Act"), in the
            amount of $23,900,000 for SCB Fund and $1,975,000 for Bernstein Fund
            is reasonable in form and amount, after having given due
            consideration to the value of the aggregate assets of the Funds to
            which any such covered person may have access, the type and terms of
            the arrangements made for the custody and safekeeping of such assets
            and the nature of the securities in the Funds' portfolios; and

                  Further Resolved, that the Board of Directors, including a
            majority of the Independent Directors, hereby approves, ratifies and
            authorizes the payment by the Treasurer of the Funds of an amount
            equal to approximately $79,400 as it relates to SCB Fund and $6,600
            as it relates to Bernstein Fund, representing the respective portion
            of the 2016 annual premium on such joint insured fidelity bond
            allocable to the Funds based on their coverage under such bond after
            giving due consideration to all relevant factors, including the
            number of other parties named as insured, the nature of the business
            activities of such other parties, the $73,325,000 aggregate amount
            of coverage under the joint insured bond, the aggregate 2016 annual
            cost of such bond of approximately $243,500, the ratable allocation
            of the cost among all parties named as insured and the extent to
            which the share of the cost allocated to the Funds is less than the
            cost the Funds would have to pay if they maintained a single insured
            bond with an aggregate limit equal to that of the joint bond; and

                  Further Resolved, that the Board of Directors, including a
            majority of the Independent Directors, hereby confirms, ratifies and
            approves in all respects the execution by the appropriate officers
            of the Funds of an agreement among SCB Fund, Bernstein Fund and all
            of the other named insureds under the joint fidelity bond, which
            agreement provides that in the event recovery is received under the
            bond as a result of a loss sustained by one or more named insureds,
            each of SCB Fund and Bernstein Fund shall receive an equitable and
            proportionate share of the recovery, but at least equal to the
            amount which such Fund would have received had it maintained a
            single insured bond with the minimum coverage required by paragraph
            (d)(1) of Rule 17g-1 promulgated under the 1940 Act; and

                  Further Resolved, that the respective Secretary and Assistant
            Secretary of SCB Fund and Bernstein Fund be, and each of them hereby
            is, designated to make all filings with the Securities and Exchange
            Commission and to give all notices on behalf of each Fund required
            by paragraph (g) of Rule 17g 1 promulgated under the 1940 Act.